Profits at China's industrial firms rebounded in March, driven by a boost in income from the high-technology manufacturing sector and signaling economic resilience amid trade tensions with the US.
Industrial profits rose by 2.6% in March from a year earlier, taking the gain for the first quarter to 0.8%, according to data released Sunday by the National Bureau of Statistics. Last month's data compares with a 0.3% contraction for the first two months.
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A turnaround in industrial profit is regarded as critical in lifting business confidence, and encouraging companies to invest and hire, to help the Chinese government achieve its reiterated commitment to achieve around 5% economic growth this year.
High-technology focused manufacturers' profit rose 3.5% in the quarter, reversing a 5.8% decline in the first two months of the year. Almost three-fifths of industrial sectors recorded profit growth in March, according to the statement.
China said on Friday it will “fully prepare” emergency plans to protect the nation against increasing external shocks as it defends its growth goals amid a deepening trade war with the US that is challenging the world's No. 2 economy.
The country's decision-making Politburo pledged to create new monetary and policy tools to boost technology, consumption and trade. Such steps could allow for faster deployment of low-cost credit for investment in targeted areas.
“Incremental and existing policies have worked in concert, enabling the industrial economy to get off to a good start,” NBS analyst Yu Weining said in a statement. “At this stage the external environment has become more complex and severe, with an increase in unstable and uncertain factors.”
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