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China’s business profits maintained growth momentum in the first two months of this year amid the strengthening of economic recovery, with steady improvement in companies ’operations and profits.
Profits of China’s major industrial companies amounted to 1114 billion Yuan ($ 17.43 billion) from January to February, a year-on-year increase of 1.79 times, or a 72.1 percent increase over the first two months of 2019, continuing with the rapid growth since then. in the second half of last year, data from the National Bureau of Statistics (NBS) showed Saturday.
In the first 2 months of the year, the mining industry achieved a total profit of 98.84 billion Yuan, an increase of 83.0 percent year on year, while the manufacturing industry achieved a total profit of 929.42 billion Yuan, an increase of 2.20 times.
The high-tech equipment and manufacturing also play an important role. Between January and February, the profits of the high-tech equipment manufacturing and manufacturing industry increased 7.07 times and 3.08 times respectively year-on-year. Among them, the pharmaceutical manufacturing industry benefited from the rapid rise in demand for vaccines and its profit rose 95.4 percent year on year.
NBS senior statistician Zhu Hong attributed the increase in profits to steady demand from both home and abroad, and the nationwide “stay-put” policy encouraged production.
But Zhu said the profits of some consumer goods industries have not yet returned to pre-pandemic levels, and the foundations for a full recovery of the business economy need to be further strengthened, which remain the challenges ahead.
Global Times