China’s tech push fuels fastest profit growth in 4 years amid signs of economic divide
Artificial intelligence demand and technological domestic substitution drove profit growth for Chinese listed companies to its fastest pace in four years in the first half, underscoring the nation’s K-shaped economy as it transitions away from credit-fuelled expansion. Profit for firms on the chip-heavy Star Market under the Shanghai Stock Exchange surged more than fourfold from a year earlier in…
Chinese companies' profits surged to their fastest growth in four years during the first half of the year, driven by artificial intelligence demand and the development of domestic technology. The report by the China Association for Public Companies found that firms on the Shanghai Stock Exchange's Star Market saw profit growth more than quadruple, while those on the ChiNext board in Shenzhen increased by 33 percent.
This outpaced the 19.5 percent growth seen across all 5,557 mainland China-listed companies. The surge in profits underscores the government's focus on technological self-reliance and the transition away from credit-driven expansion in China's economy.
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