H1 profits of industries up 66.9%
CHINA’S major industrial companies saw a steady increase in profits in the first half of this year amid a stable recovery in market demand and improving business performance, official data showed yesterday.
Industrial firms with an annual business turnover of at least 20 million yuan (US$3.09 million) 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 shows.
Compared with the 2019 level, profits of major industrial firms rose by 45.5 percent in the first half. The expansion put the average first-half growth for 2020 and 2021 at 20.6 percent, NBS data shows.
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.
While the business performance of industrial firms improved, uneven recovery remained, with profits of private and small-sized companies growing relatively slower, said senior NBS statistician Zhu Hong.
State-controlled industrial firms saw their profits more than double in the first half, while private firms saw profits jump 47.1 percent year on year, the data shows.
Of all 41 industrial sectors, 40 saw year-on-year profit growth and one saw profits unchanged from the 2020 level.
Upstream mining and raw material manufacturing companies saw their profits more than double, contributing to more than half of overall industrial profit growth.
The high-tech manufacturing sector saw faster-than-average growth, while producers of consumer goods saw accelerated profit recovery in the first half, Zhu noted.
Boosted by an expansion in COVID-19 vaccine and testing reagent production capacity, the profits of the pharmaceutical manufacturing sector jumped 88.8 percent year on year, accelerating from the pace in the first quarter.
The rebound in the industrial sector was in line with China’s overall economic recovery. In the first half, China’s GDP expanded 12.7 percent year on year, with major indicators pointing to resilience in growth.
Zhu said the country should make sustained efforts to keep market prices stable and tackle the difficulties of companies.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.