Mon, 01 Mar 2021

China's industrial profits up 4.1 pct in 2020

27 Jan 2021, 13:30 GMT+10

© Provided by Xinhua | Employees assemble vehicles at a workshop of China FAW Group in Changchun, capital of northeast China's Jilin Province, June 19, 2020. (Xinhua/Zhang Nan)

BEIJING, Jan. 27 (Xinhua) -- Profits of China's major industrial firms rose 4.1 percent year on year in 2020 to more than 6.45 trillion yuan (about 997.7 billion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Wednesday.

The increase widened from the 2.4-percent growth registered during the first 11 months last year.

Specifically, profits of state-controlled industrial firms dropped 2.9 percent last year from one year earlier to nearly 1.49 trillion yuan, while profits in the private sector grew 3.1 percent year on year to about 2.03 trillion yuan.

Profits of the mining industry went down 31.5 percent from a year earlier, while that of the manufacturing industry rose 7.6 percent, and firms involved in the production and supply of electricity, thermal power, gas and water hiked 4.9 percent year on year.

Profits in 26 of the 41 surveyed industrial sectors rose compared with the previous year, and 15 sectors saw their profits fall, according to the NBS.

In December 2020 alone, profits of major industrial firms surged 20.1 percent year on year.

Major industrial companies refer to those with an annual business turnover of at least 20 million yuan.

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