The National Bureau of Statistics recently released data showing that from January to May, the operating revenue of industrial enterprises above the designated size increased by 5.5% year-on-year, 0.3 percentage points faster than the January-April period; the profits of industrial enterprises above the designated size increased by 18.8% year-on-year, 0.6 percentage points faster than the January-April period.
Revenue and profit growth sends important positive signals
Zhou Lisha, research director of the Tsinghua University China Modern State-Owned Enterprises Research Institute, said:
From the data, China's industrial production fundamentals are steadily improving, demand is showing marginal warming, and revenue growth is steadily rising, directly reflecting the continuous expansion of market orders and production and sales scale.
Looking at specific industries, profit growth shows obvious structural characteristics. Equipment manufacturing, high-tech manufacturing, and basic raw material industries performed strongly. High-end electronics, semiconductors, new materials, and other high-value-added industries have become the core new engines of profit growth.
This indicates that China's industrial enterprises have completed an important transformation from scale and quantity expansion to quality and efficiency improvement.
Strengthening and supplementing chains creates new growth space for high-tech manufacturing
According to National Bureau of Statistics data, from January to May, the profits of high-tech manufacturing above the designated size increased by 44.7% year-on-year, of which the profits of electronic special materials manufacturing increased by 665.4%.
Zhou Lisha analyzed that this industry is a typical microcosm of China's recent efforts to promote industrial chain self-controllability and overcome and fill industrial shortcomings.
China insists on taking enterprises as the main body of innovation and the market as the development orientation, promotes deep integration of industry, academia, and research, and precisely targets weak links in the industrial chain to carry out chain-strengthening and chain-supplementing projects, opening up a broad new incremental market for this track.
In recent years, domestic enterprises have continuously tackled core formulas and key processes in high-end electronic chemicals, semiconductor substrates, packaging materials, and other fields, gradually breaking overseas technology monopolies. Relying on increasingly mature core technologies such as ultra-high purity purification and precision synthesis processing, relevant enterprises have fully tapped the market space for import substitution, ushering in explosive growth in order scale.
Short-term stabilization of demand, long-term increase of momentum to promote sustained and sound development of industrial economy
Zhou Lisha said that in the next stage, counter-cyclical adjustment should continue. Through relevant consumption subsidy policies, continue to fully release the potential of residents' bulk consumption; continue to increase support for large, medium, small, and micro enterprises to reduce burdens on business entities. In the medium and long term, we should steadily promote the digital and intelligent transformation and upgrading of traditional industries, build a strong independent and controllable capacity of the industrial chain and supply chain, and promote sustained, balanced, and high-quality development of the industrial economy.
