China’s industrial profits sustain stable growth in 1st 8 months

China’s major industrial firms maintained steady profit growth momentum in the first eight months of the year as industrial production continued to firm up and business operations kept improving, according to official data. The volume jumped 42.9 per cent compared with the 2019 level, putting the average Jan-Aug growth for 2020 and 2021 at 19.5 per cent.

Industrial firms with annual business revenues of at least 20 million yuan (about $3.1 billion) saw their combined profits surging 49.5 per cent year on year in the Jan-Aug period to 5.6 trillion yuan, data from the National Bureau of Statistics (NBS) showed.

In August alone, major industrial companies raked in profits of 680.28 billion yuan, up by 10.1 per cent year on year, an official news agency reported citing NBS data.

China’s major industrial firms maintained steady profit growth momentum in the first eight months of the year as industrial production continued to firm up and business operations kept improving, according to official data. The volume jumped 42.9 per cent compared with the 2019 level, putting the average Jan-Aug growth for 2020 and 2021 at 19.5 per cent.

Fibre2Fashion News Desk (DS)