On May 13, 2026, China’s National Bureau of Statistics released April industrial profit data: industrial enterprises above designated size achieved total profits of RMB 620 billion, up 5.8% year-on-year, ending a two-month declining streak and strengthening manufacturing profit recovery momentum. Cumulative profits for January–April reached RMB 2.2 trillion, up 3.5% YoY—1.2 percentage points higher than Q1—confirming a clear stabilizing and upward trend in the industrial economy.

By industry, manufacturing profits rose 7.2% YoY, outpacing overall industry growth. Equipment manufacturing was a standout contributor: electrical machinery (photovoltaics, energy storage) profits jumped 25.3%, electronic equipment (semiconductors, consumer electronics) 18.7%, and automotive manufacturing 12.1%. High-end manufactured goods such as new energy vehicles, industrial robots and PV modules saw strong export growth, driving profitability improvements across industrial chains. Raw material industries turned profitable: ferrous metal smelting (steel) rose 8.5% and non-ferrous metal smelting 6.2%, supported by stabilizing and rebounding commodity prices and recovering downstream demand.

Looking ahead, the industrial economy is expected to extend its recovery: policy-wise, moderately accommodative monetary policy remains in force with room for RRR and rate cuts, while structural tools increase support for manufacturing and SMEs; demand-wise, consumption recovery, infrastructure expansion and export resilience will underpin industrial production. However, risks including external demand volatility, rebounding commodity prices and overcapacity require attention. Continued industrial upgrading, technological innovation and domestic demand expansion are needed to consolidate the industrial economy’s upward momentum.