China’s National Bureau of Statistics recently released data on the main indicators of the national economic operation in 2023. The report highlighted the stable, progressive, and positive characteristics of China’s economic development. As the foundation of China’s economic market, the manufacturing industry has played a significant role in supporting the country’s economic growth.
Manufacturing companies in Shanghai have responded with promising performance announcements. Around 300 Shanghai-based manufacturing companies have disclosed strong performance forecasts, signaling a resilient and dynamic ‘Made in China’ movement. It is expected that the lower limit of cumulative net profit attributable to shareholders in 2023 will double that of 2022, reaching 220.665 billion yuan. Of these, approximately 70 central and local state-owned enterprises in the Shanghai stock market are expected to achieve a cumulative net profit attributable to the parent company of 109.73 billion yuan.
Amidst an increasingly complex and severe domestic and international environment, Shanghai-listed companies are pushing for high-quality development as a fundamental strategy for progress. Advanced manufacturing industries such as automobiles, machinery and equipment, national defense industry, and electronics are at the forefront of this progress, with about 200 companies releasing promising performance forecasts.
The automotive industry has played a significant role in China’s economic growth, with the country becoming the largest automobile exporter in 2023. Companies like Sailun Tire, Yutong Bus, and Foton Motor have reported impressive performance forecasts, indicating significant year-on-year increases in net profits.
The military industry in Shanghai has also seen significant progress, with companies such as Zhenhua Fengguang and AVIC Airborne achieving substantial growth in net profits.
Furthermore, the machinery and equipment industry in Shanghai has shown consistent progress, with companies like YTO Co., CITIC Heavy Industries, and Saiteng shares reporting substantial year-on-year increases in net profits.
These promising forecasts and positive performance indicators demonstrate the resilience and dynamism of China’s manufacturing industry, providing a stable underpinning for the country’s economic progress. The Shanghai Securities News reported on these developments, underlining the positive trajectory of China’s manufacturing sector in 2023.