Business & Economy

Main Chinese industrial companies earned 49.5% January to August

Shanghai, China, Sep 28 (EFE).- Profits of the main industrial companies in China increased by 49.5 percent year-on-year between January and August this year, according to official data published Tuesday by the National Statistical Office.

Company profits amounted to 5.6 trillion yuan ($ 868.4 billion).

Due to the effect of a lower comparative base in 2020 marked by the economic impact of the pandemic, the institution also offers another alternative data, that of the average growth of the period analyzed during the last two years, which is 19.5 percent.

For the elaboration of this indicator, the office only takes into account those industrial companies with annual revenues exceeding 20 million yuan.

In August, industrial profits rose 10.1 percent year-on-year, a slowdown compared to previous figures such as those of July (16.4 percent) or June (20 percent).

During that month, China was hit by a series of coronavirus outbreaks.

Zhu Hong, a statistician at the office, also pointed to other factors such as the rise in prices of raw materials or international logistics, or the shortage of chips.

Of the 41 sectors analyzed by the office between January and August, 37 registered an increase in profits, another reversed losses to profits, another remained at the same level and the remaining two reported a lower result than the same period the previous year .

The institution highlighted the progress in industries such as the extraction or processing of oil, coal and other fuels or those dedicated to the smelting and rolling of ferruginous and non-ferruginous metals. EFE


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