China's listed firms perform well in advancing high-quality development, data reveals

China's listed firms perform well in advancing high-quality development, data reveals

With increased operating revenues and net profits in 2022, China's listed firms have demonstrated vitality in bolstering high-quality development, the latest data showed.

In its ‘Economic Watch’, Chinese news agency, Xinhua, reported that a total of 303 A-share listed companies had disclosed annual reports for 2022 as of 22nd March, with a total operating revenue of 5.75 trillion yuan (about US$840.96 billion), up 11 percent from the previous year. Meanwhile, the net profit attributable to the shareholders of these listed companies stood at 450.98 billion yuan, representing a year-on-year increase of 6.5 percent.

"Enterprises are operating well and maintaining a high growth rate. A majority of the listed firms demonstrated their growth vitality, indicating that the overall situation of China's economy is improving,"

Xinhua quoted Pan Helin, a researcher with the International Business School, Zhejiang University, as saying.

Enterprises in new energy sector are among the leading gainers. China's electric vehicle battery maker Contemporary Amperex Technology Co., Ltd. (CATL) reported that its operating revenue in 2022 surged 152.1 percent to hit 328.59 billion yuan, and its net profit rose 92.9 percent to 30.73 billion yuan.

Zeng Yuqun, chairman of CATL, said the company has been practicing high-quality and green development. In 2022, the company carried out comprehensive carbon management and pressed ahead with more than 400 energy-saving projects, with a total carbon reduction of 447,230 tonnes. The proportion of green electricity use increased to 26.6 percent; greenhouse gas emissions per unit product decreased by 24.89 percent.

Official data showed that China's investment in high-tech industries continued to grow. In the first two months this year, the investment increased by 15.1 percent year-on-year (YoY), which is 9.6 percentage points higher than the growth rate of fixed-asset investment. Specifically, investment in high-tech manufacturing expanded by 16.2 percent.

Chinese internet giant Tencent reported year-on-year increases in its revenue and net profit during the fourth quarter of 2022.

Tencent raked in 145 billion yuan in revenue in the quarter ending on Dec. 31, up 1 percent YoY. Its net profit rose by 19 percent YoY to 29.7 billion yuan in the fourth quarter. The company's total revenues and net profits last year were about 554.6 billion yuan and 115.6 billion yuan, respectively.

Ma Huateng, chairman and CEO of Tencent, said the firm has raised business efficiency, sharpened focus on core activities, and developed new services and revenue lines including Video Accounts in 2022.

"Now is a critical period for high-quality development, and the prospects are very good,"

said Ma, adding that Tencent has been thinking about how to give full play to its advantages as an Internet technology enterprise to actively promote integrated development of digital economy and real economy and achieve high-quality development.

"For a big developing country like China, high-quality development requires an adequate growth rate, and we need to promote full economic recovery as quickly as possible,"

said Liu Shangxi, head of the Chinese Academy of Fiscal Sciences.

After recording 3-percent economic growth last year, China's gross domestic product is projected to expand by around 5 percent YoY this year. Pro-growth measures ranging from expanding domestic demand to modernising the industrial system and attracting foreign investment offered a fresh shot of confidence in the resilience and prospects of the Chinese economy.

News Source: Emirates News Agency

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