June 4, 2025 – China’s industrial economy maintained a steady and progressive trajectory from January to April this year, according to the latest data released by the National Bureau of Statistics. During this period, national industrial enterprises above designated size accumulated profits of 2.12 trillion yuan, marking a 1.4% year-on-year increase. Notably, the profit growth rate rebounded to 3.0% in April alone, signaling positive momentum in the sector.
The manufacturing industry stood out as a key driver among major industrial categories, generating a total profit of 1.55 trillion yuan from January to April—a robust 8.6% year-on-year increase. However, the chemical industry faced distinct challenges: while chemical raw materials and chemical products manufacturing achieved 2.94 trillion yuan in operating revenue, its total profit reached 1.15 trillion yuan, declining 4.4% compared to the same period last year. This indicates mounting profit pressures within the industry.
In terms of enterprise types, private enterprises demonstrated strong performance, with total profits hitting 570.68 billion yuan, a 4.3% year-on-year rise. Foreign-funded enterprises and those with Hong Kong, Macao, and Taiwan investments saw a 2.5% profit increase. Conversely, state-controlled enterprises experienced a 4.4% decline in profits. Sector-specific data revealed striking variations: the agricultural and food processing industry led with a staggering 45.6% year-on-year profit surge, followed by nonferrous metal smelting and rolling industries at 24.5%. At the other end of the spectrum, coal mining and washing industries recorded the sharpest decline, with profits plummeting 48.9%.
Enterprise operational efficiency metrics showed mixed trends. From January to April, the cost per 100 yuan of operating revenue for industrial enterprises above designated size increased by 0.19 yuan, while expenses decreased by 0.20 yuan year-on-year. By the end of April, the asset-liability ratio of industrial enterprises stood at 57.7%, edging up 0.2 percentage points compared to the previous year.
Analysts noted that China’s industrial economy is currently in a critical phase of structural adjustment, with pronounced differentiation across industries and enterprise types. As steady growth policies continue to take effect, industrial profits are expected to sustain their upward trend in the second half of the year. The chemical industry, in particular, is urged to accelerate transformation and upgrading to address challenges such as rising costs and ensure long-term competitiveness.