China's industrial enterprises register steady recovery in 2023

China's industrial enterprises saw steady recovery in 2023 and their combined revenues increased for a fifth straight month, official data showed.

Last year, revenues of major industrial firms with annual main business revenue of at least 20 million yuan (about 2.82 million U.S. dollars) went up 1.1 percent year on year, according to the National Bureau of Statistics (NBS).

In the fourth quarter of 2023, the revenues of these enterprises rose 3.2 percent year on year, while the growth rate was 2.9 percentage points faster than in the previous quarter.

The operation of industrial enterprises maintained an expansion trend and showed strong resilience, creating favorable conditions for the continuous recovery of their profits, said NBS statistician Yu Weining.

In the next stage, China will expand domestic demand, stimulate the vitality of various business entities, promote self-reliance in high-level science and technology and accelerate the development of a modern industrial system, as part of efforts to promote the high-quality development of the industrial economy, Yu added.