Mainland China's industrial enterprise profits increased 21.1% in May.

The National Bureau of Statistics announced that in the first five months of this year, the total profits of industrial enterprises above the designated size reached 3.14 trillion yuan (RMB, the same below), a year-on-year increase of 18.8%. In May alone, profits of industrial enterprises above the designated size increased by 21.1% year-on-year.

In the first five months, among industrial enterprises above the designated size, state-controlled enterprises achieved profits of 1.05 trillion yuan, a year-on-year increase of 19.6%; joint-stock enterprises achieved profits of 2.43 trillion yuan, an increase of 24.1%; foreign-invested enterprises and enterprises invested by Hong Kong, Macao, and Taiwan achieved profits of 695.72 billion yuan, an increase of 4.2%; private enterprises achieved profits of 772.65 billion yuan, an increase of 10.7%.

During the period, the mining industry achieved profits of 479.52 billion yuan, a year-on-year increase of 33.5%; the manufacturing industry achieved profits of 2.33 trillion yuan, an increase of 20%; the production and supply industries of electricity, heat, gas, and water achieved profits of 335.92 billion yuan, a decrease of 2.7%.

In the first five months, industrial enterprises above the designated size achieved operating revenue of 56.55 trillion yuan, a year-on-year increase of 5.5%; the operating revenue profit margin was 5.56%, an increase of 0.63 percentage points year-on-year.

At the end of May, the total assets of industrial enterprises above the designated size were 193.55 trillion yuan, a year-on-year increase of 5.8%; total liabilities were 112.69 trillion yuan, an increase of 6.5%; the asset-liability ratio was 58.2%, an increase of 0.3 percentage points year-on-year.

Yu Weining, Chief Statistician of the Industrial Department of the National Bureau of Statistics, stated that overall, the profits of industrial enterprises above the designated size in the first five months continued to maintain a relatively rapid growth trend. However, it should also be noted that the contradiction between strong supply and weak demand domestically remains prominent, and some industries and enterprises still face relatively difficult production and operations. In the next stage, various macroeconomic policies should be fully utilized, counter-cyclical and cross-cyclical adjustments should be strengthened, domestic demand should be continuously expanded, supply should be optimized, the cultivation and expansion of new growth drivers should be accelerated, and the high-quality development of the industrial economy should be solidly promoted.