Data released by the National Bureau of Statistics on the 27th shows that from January to May, industrial enterprises above designated size achieved total profits of RMB 3.14396 trillion, a year-on-year increase of 18.8%—accelerating by 0.6 percentage points compared to the January–April period.

During this five-month period, driven by rising prices of products along the petroleum industry chain, the petroleum processing industry swung from loss to profit, recording total profits of RMB 43.6 billion; the chemical raw materials and chemical products manufacturing industry recorded total profits of RMB 247.14 billion, up 71.6%.

By major sector, the mining industry achieved total profits of RMB 479.52 billion (up 33.5% year-on-year); the manufacturing industry achieved RMB 2.32852 trillion (up 20.0%); and the electricity, heat, gas, and water production and supply industry achieved RMB 335.92 billion (down 2.7%).

Regarding profits in key industries, the non-ferrous metal smelting and rolling processing industry saw a year-on-year increase of 117.1%; computer, communication, and other electronic equipment manufacturing rose 103.9%; chemical raw materials and products manufacturing rose 71.6%; coal mining and washing rose 33.5%; oil and natural gas extraction rose 17.2%; and the textile industry rose 11.7%. Conversely, general equipment manufacturing fell 0.2%; electricity and heat production and supply fell 4.1%; special-purpose equipment manufacturing fell 5.5%; agricultural and sideline food processing fell 13.3%; electrical machinery and equipment manufacturing fell 13.7%; automobile manufacturing fell 19.8%; ferrous metal smelting and rolling processing fell 37.4%; and non-metallic mineral products manufacturing fell 48.9%. The petroleum, coal, and other fuel processing industry turned a profit after previously recording losses.

The data also shows that from January to May, industrial enterprises above designated size generated operating revenue of RMB56.55 trillion, up 5.5% year-on-year, while incurring operating costs of RMB 48.04 trillion, up 4.7%. The profit margin on operating revenue stood at 5.56%, an increase of 0.63 percentage points year-on-year.

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