Listed innovative firms' robust earnings spur economic growth

BEIJING — China's listed innovation-driven enterprises reported solid revenue and profit increases for 2022 along with intensified R&D spending, demonstrating their potential in driving economic growth in the country's new development stage.

Market data show that the revenue and net profit growth of such enterprises outpaced overall expansion. Firms listed on the sci-tech innovation board of the Shanghai Stock Exchange last year saw their net profits rise by 6 percent year-on-year to total 113.59 billion yuan ($16.35 billion), according to the Shanghai bourse.

The Shenzhen Stock Exchange said companies on its Nasdaq-style ChiNext board raked in 241.76 billion yuan in net profits, up 11 percent over a year earlier. The 191 firms on the Beijing Stock Exchange, predominantly small and medium-sized enterprises, profited 12.17 percent more than that in 2021.