Industrial enterprise profits accelerate upward: what important signals are being released? Expert interpretation
According to data released by the National Bureau of Statistics, from January to May, the operating revenue of China's industrial enterprises above designated size increased by 5.5% year-on-year, accelerating by 0.3 percentage points from the January-April period; the profits of these enterprises increased by 18.8% year-on-year, accelerating by 0.6 percentage points from the January-April period.
Dual increase in revenue and profits releases important positive signals
Zhou Lisha, research director of the Institute for State-Owned Enterprises at Tsinghua University, said:
Judging from the data, China's industrial production fundamentals are steadily recovering, and the demand side shows a marginal warming trend. The steady rise in revenue growth directly reflects 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 outstandingly. High-value-added industries such as high-end electronics, semiconductors, and new materials have become the core new engines of profit growth.
This indicates that the growth model of China's industrial enterprises has completed an important transformation from scale expansion to quality and efficiency improvement.
Strengthening and supplementing the industrial chain brings new growth space for high-tech manufacturing
National Bureau of Statistics data shows that from January to May, profits of high-tech manufacturing industries above designated size increased by 44.7%, among which the profit of electronic special material manufacturing increased by 665.4%.
Zhou Lisha analyzed that this industry is a typical microcosm of China's efforts in recent years to promote independent and controllable industrial chains and to tackle and fill industrial shortcomings.
China insists on taking enterprises as the main body of innovation, taking the market as the development orientation, promoting deep integration of industry, academia, and research, and precisely targeting weak links in the industrial chain to carry out chain-strengthening and chain-supplementing projects, 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 continuously maturing core technologies such as ultra-high purity purification and precision synthesis processing, related enterprises have fully tapped into the import substitution market space, ushering in an explosive growth in order scale.
Stabilizing demand in the short term, increasing momentum in the long term to promote sustained and sound development of the industrial economy
Zhou Lisha said that in the next stage, counter-cyclical adjustment should continue. Through relevant consumption subsidy policies, continue to fully release residents' potential for large-scale commodity consumption; continuously increase support for large, small, and micro enterprises to reduce burdens on business entities. In the medium to long term, steadily promote the digital and intelligent transformation and upgrading of traditional industries, build a solid independent and controllable capacity of the industrial chain and supply chain, and promote sustained, balanced, and high-quality development of the industrial economy.
