China's Industrial Profits Surge Over 15% in Q1

China's National Bureau of Statistics reported that profits from industrial enterprises above designated size grew by 15.8% year-on-year in March. Operating income for large-scale industrial enterprises in China rose 0.46% year-on-year in the first quarter. This growth occurred despite Middle East conflict impacting global oil markets and increasing raw material costs. March profits for specific firms jumped 15.8%, exceeding the 15.2% growth seen during the January-February period. The data indicates an uneven economic recovery within the country. China's Ministry of Commerce has formally submitted its assessment of the EU's Industrial Accelerator Act to the European Commission. China has stated its official position and serious concerns regarding the legislation. If the EU proceeds without considering China's suggestions, China will be forced to retaliate to protect its companies' legal rights. The operating revenue profit rate for these enterprises reached 5.11%, a 0.46% year-on-year increase, marking the highest rate for the same period since 2023. The equipment manufacturing sector showed strong support, with profits up 21% year-on-year, contributing 6.8 percentage points to the overall profit growth. High-tech manufacturing profits also grew rapidly, increasing by 10% year-on-year. China's industrial sector saw profits increase by nearly 16% in March, marking the fastest growth rate since September of the previous year.