Business & Economy

China’s industrial profits grow 16.4% in July

Beijing, Aug 27 (EFE).- The profits of China’s main industrial companies grew by 16.4 percent in July compared to the same month of 2020, the National Bureau of Statistics (NBS) said Friday.

The accumulated profit of these companies reached 703.67 billion yuan ($108.51 billion) in July.

However, the year-on-year growth in profit declined from June, when it was at 20 percent.

The industrial profits of these companies between January and July increased by 57.3 percent compared to the same period in 2020.

However, compared to the pre-pandemic period between January and July of 2019, the increase in the companies’ profits was 44.6 percent.

Manufacturing was practically paralyzed for weeks last year after the Lunar New Year, celebrated at the end of January, when the authorities began to impose the first lockdowns due to the coronavirus pandemic, starting with the city in which the first outbreak was detected, Wuhan.

To calculate this indicator, the NBS only includes industrial companies with annual incomes above 20 million yuan in the index.

The sectors that registered the highest increase in their profits during the first seven months of the year were oil and gas (with a year-on-year growth of 266 percent), ferrous metals (189.8 percent) and mining (127.9 percent).

Companies in sectors such as energy production and fur saw their profits decline by 2.8 percent and 1.4 percent respectively.

Profits of state-owned industrial firms grew 102.2 percent year-on-year in the January-July period while those of private companies increased by 40.2 percent. EFE


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