China's light industry has reportedly grown steadily in 2022, despite the strict COVID-19 restrictions that were implemented in the country, curbing economic activity.
The combined revenues of major companies in the sector registered revenues worth $3.5 trillion (24 trillion yuan) in 2022, a rise of 5.4% year-on-year, Xinhua reported, citing data from the National Development and Reform Commission shows.
Combined profits from companies working in China's light industry clocked in $222.2 billion (1.53 trillion yuan) in 2022, an 8.2% boost from 2021, the commission said.
Industrial added value ascended 2.4% from 2021, as industrial added value for the sub-sector of battery grew over 10% year-on-year, with the output of solar cells soaring nearly 50%.
Exports of light industry products increased 4.2% year-on-year to $953.5 billion in 2022, accounting for 26.5% of the country's total exports, it added.
China’s factory activity bounced further into expansion in February, according to data from the National Bureau of Statistics (NBS).
The official manufacturing purchasing managers’ index rose to 52.6 in February—above the 50-point mark that separates growth from contraction. That marks the highest reading since April 2012, when it hit 53.5.
February’s PMI was also higher than the 50.1 reported for January and above expectations of 50.5, according to economists surveyed by Reuters.
Non-manufacturing PMI also grew further to 56.3 from January’s 54.4, after sharp improvement thanks to the recovery in services and construction activity.
