把工业经济平稳增长摆在更重要位置

Core Viewpoint - The article emphasizes the need for effective policy implementation to support industries severely impacted by tariffs, while also highlighting the recovery of industrial profits in China during the first quarter of the year [1][5]. Group 1: Industrial Profit Recovery - In the first quarter, profits of large-scale industrial enterprises in China increased by 0.8% year-on-year, marking a significant recovery from a 3.3% decline in the previous year [1][2]. - The profit growth rate in March reached 2.6%, indicating a turnaround from the downward trend observed since the third quarter of the previous year [1][2]. - The added value of large-scale industrial enterprises grew by 6.5% year-on-year in the first quarter, with March showing a growth rate of 7.7%, the highest since July 2021 [2]. Group 2: Economic Resilience and Policy Impact - The recovery in industrial profits reflects the resilience of China's industrial economy, supported by ongoing stock and incremental policies, including large-scale equipment updates and consumer goods replacement programs [2][3]. - In the first quarter, 38 out of 41 major industrial sectors reported year-on-year growth in added value, with over 90% of sectors showing positive growth [2]. - All 31 provinces reported positive growth in large-scale industrial added value, with several major industrial provinces like Zhejiang, Fujian, Jiangsu, and Shandong exceeding 8% growth [2]. Group 3: New Productive Forces and Industry Support - The integration of technological and industrial innovation is driving the development of new productive forces, supporting improvements in industrial profits [3]. - Profits in the equipment manufacturing sector grew by 6.4%, while high-tech manufacturing saw a 3.5% increase, indicating strong support for industrial recovery [3]. - Specific sectors such as railway, shipbuilding, aerospace, and smart consumer devices experienced substantial profit growth, with wearable smart devices seeing an increase of 78.8% [3]. Group 4: External Challenges and Economic Pressures - The "export rush" was a significant factor in the unexpected growth of industrial production in the first quarter, but external pressures from U.S. tariffs are expected to impact China's exports starting in April [4]. - The manufacturing new export orders index fell to 44.7% in April, a decrease of 4.3 percentage points from the previous month, indicating tightening foreign demand [4]. - The Producer Price Index (PPI) has been in negative growth for 30 consecutive months, affecting corporate revenue and profitability [4]. Group 5: Strategic Focus on Industrial Growth - The article stresses that the stability of the macroeconomic environment relies heavily on industrial development, which is fundamentally driven by corporate performance [5]. - Improving corporate profitability is crucial for encouraging production expansion and innovation investment, which in turn affects employment and income levels [5]. - The recent Central Political Bureau meeting highlighted the importance of stabilizing employment, enterprises, markets, and expectations, all of which are closely linked to the development of business entities [5].