China's State Asset Management Commission (SASAC) announced on Tuesday that the first-quarter profit of central enterprises maintained a relatively high growth rate, with a cumulative profit of 426.5 billion yuan, up 13.1% from a year earlier, and fixed assets investment of 384.02 billion yuan, up 9.7% from a year earlier. The economy started well and achieved a "red start" in the first quarter.
Peng Huagang, spokesman of SASASAC, said at the press conference of the State Administration Office that the total profit of central enterprises in March was 188.28 billion yuan, an increase of 10.8% over the same period last year, maintaining a steady and sound development trend. At the same time, as enterprises positively layout forward-looking, strategic industries, investment can still maintain relatively stable and sustained growth.
"Fixed assets investment grew by 9.7% in the first quarter of this year, but it is different in different industries. For emerging strategic industries, such as the development of 5G in the telecommunications industry, the investment in the first quarter increased by 39.5%. It should be said that the investment in the telecommunications industry is already high, and the growth of nearly 40% is very high." He said.
In the petroleum and petrochemical industry, investment increased by 39.3% because of the need for natural gas supply and sustained exploration and development; in contrast, investment in the coal industry decreased by 15.9%.
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