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September 28, 2020

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Data: Industrial firms see steady growth in profits

PROFITS of China’s major industrial firms maintained steady recovery in August as the production and operations of enterprises improved further, official data indicated yesterday.

Profits of China’s major industrial firms totaled 612.81 billion yuan (US$90 billion) last month, increasing by 19.1 percent year on year, data from the National Bureau of Statistics showed.

The growth narrowed 0.5 percentage points from July.

The recovery momentum of industrial profits was further consolidated last month as supply and demand gradually improved, senior NBS statistician Zhu Hong said.

In August, profits of the equipment manufacturing sector reported relatively fast growth, up 23.1 percent year on year, while those of the auto manufacturing industry went up 55.8 percent.

Profits of the mining sector were also apparently restored, while those of the raw material manufacturing industry saw faster expansion due to improving demand as well as increasing prices of global commodities like crude oil.

Industrial firms’ profitability improved as operating costs were further reduced, thanks to tax and fee cut polices, according to Zhu.

The Chinese economy has withstood the test of the COVID-19 epidemic, with better-than-expected recovery since the second quarter, said Wang Yiming, national political advisor and former deputy director of the Development Research Center of the State Council.

Without huge impact from uncertain external factors, economic growth in the third and fourth quarters will outpace second-quarter growth, Wang noted.

In the first eight months of the year, profits of major industrial firms declined 4.4 percent to 3.72 trillion yuan.

Profits of state-controlled industrial firms dropped 17 percent from one year earlier to 950.94 billion yuan, while those of private industrial firms shrank 3.3 percent to 1.07 trillion yuan on year.

During the January-August period, profits of the mining industry slumped 38.1 percent, and manufacturing industry profits decreased by 1 percent.


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