The profits of China's industrial sector experienced a significant increase in the first two months of the year, largely due to improvements in the manufacturing industry, according to data released on Wednesday by the National Bureau of Statistics.
There was a 10.2 percent growth in industrial profits between January and February, compared to the previous year. This marked a turnaround from a 2.3 percent decline recorded in 2023.
In particular, the equipment manufacturing sector reported remarkable growth during this period.
ING economist, Lynn Song, commented that the unexpected uptick in industrial production at the beginning of the year, as well as the continued recovery of industrial profits, indicates a steady recovery following last year's low point.
Song added, "If the manufacturing sector continues its recovery, it would aid in achieving the growth target for 2024. However, additional supportive policies are still necessary to maintain this momentum and sustain the recovery."
