China’s Industrial Profit Surge 67% in 1H amid Stable Recovery in Demand and Performance

China’s major industrial companies saw a steady increase in profits in the first half (1H) of this year amid a stable recovery in market demand and improving business performance, official data showed Tuesday.

 

Industrial firms with an annual business turnover of at least 20 million yuan (about 3.09 million U.S. dollars) raked in combined profits of 4.22 trillion yuan during the period, up 66.9 percent year on year, data from the National Bureau of Statistics (NBS) showed.

Compared with the 2019 level, profits of major industrial firms rose by 45.5 percent in 1H. The expansion put the average 1H growth for 2020 and 2021 at 20.6 percent, NBS data showed.

 

In the second quarter, industrial profits rose 36 percent year on year, up 42.5 percent from the 2019 level.

In June alone, major industrial firms made 791.8 billion yuan in total profits, up 20 percent year on year.

 

Source: Xinhua