China industrial profits jump 24.7% in April, fastest gain in over two years despite headwinds

BEIJING — China’s industrial profit in April increased by 24.7% year-on-year, the fastest growth since November 2023, according to official data released on Wednesday.

The increase accelerated from a 15.8% increase in March, according to Wind Information, China’s largest financial data provider.

Operating profit in the first four months of the year increased by 18.2%higher than the 15.5% growth in the first quarter.

China reported that economic growth in April was slower than a year earlier, with a 4.1% increase in industrial production and a 0.2% increase in retail sales. Fixed asset investment fell in the first four months of the year as real estate shortages increased.

Exports continued their strong course, increasing by 14.1% in April compared to the previous year in US dollar terms. Data published in early May showed imports increased by 25.3%.

In April, the producer price index increased by 2.8% compared to a year ago, the largest increase since July 2022.