The National Bureau of Statistics 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, accelerating by 0.3 percentage points compared to the January-April period; profits of industrial enterprises above the designated size increased by 18.8% year-on-year, accelerating by 0.6 percentage points compared to the January-April period.
Dual growth in revenue and profit sends a significant positive signal
Zhou Lisha, director of the Research Institute of Modern State-Owned Enterprises at Tsinghua University, said:
From the data, the fundamentals of China's industrial production are steadily recovering, with the demand side showing a marginal warming trend. The revenue growth rate is steadily rising, directly reflecting the continuous expansion of market orders and production and sales scale.
Looking at specific industries, profit growth shows a clear structural feature. Equipment manufacturing, high-tech manufacturing, and basic raw material industries performed well. High-end electronics, semiconductors, and new materials, as high value-added industries, have become the core new engine of profit growth.
This indicates that the growth model of China's industrial enterprises has completed an important transformation from scale quantity expansion to quality and efficiency improvement.
Strengthening and supplementing the industrial chain brings new growth space for high-tech manufacturing
According to National Bureau of Statistics data, from January to May, profits of high-tech manufacturing above the designated size increased by 44.7%, among which the profit of the electronic special materials manufacturing industry surged by 665.4%.
Zhou Lisha analyzed that this industry is a typical microcosm of China's efforts in recent years to promote the independent controllability of the industrial chain and tackle industrial短板.
China adheres to taking enterprises as the main body of innovation and the market as the development orientation, promoting deep integration of industry, academia, and research. It precisely targets weak links in the industrial chain to carry out projects for strengthening and supplementing the chain, opening up a vast new incremental market for this track.
In recent years, domestic enterprises have continuously tackled core formulas and key processes in fields such as high-end electronic chemicals, semiconductor substrates, and packaging materials, gradually breaking overseas technology monopolies. Relying on increasingly mature core technologies such as ultra-high purity purification and precision synthesis processing, relevant enterprises fully tap into the import substitution market space, ushering in explosive growth in order scale.
Stabilizing demand in the short term, increasing momentum in the long term to promote sustained and healthy development of the industrial economy
Zhou Lisha stated that in the next stage, it is necessary to continue counter-cyclical adjustment. Through relevant consumption subsidy policies, continue to fully release residents' potential for bulk consumption; continuously increase efforts to relieve and assist large, medium, small, and micro enterprises, effectively reducing burdens for business entities. In the medium to long term, steadily promote the digital and intelligent transformation and upgrading of traditional industries, strengthen the independent controllability of the industrial chain and supply chain, and promote sustained, balanced, and high-quality development of the industrial economy.
