Sound growth in China’s industrial profits in 1st 3 quarters of 2021

Profits of China’s major industrial firms witnessed sound growth momentum in the first three quarters of the year as industrial production continued to recover and business operations kept improving, according to recent official data.

Industrial firms with annual business revenues of at least 20 million yuan saw their combined profits jumping by 44.7 per cent year on year in the January-September period to top 6.34 trillion yuan, data from the National Bureau of Statistics (NBS) showed.

The volume surged by 41.2 per cent compared with the 2019 level, putting the average January-September growth for 2020 and 2021 at 18.8 per cent, official Chinese media reported.

In September alone, major industrial companies raked in profits of 738.74 billion yuan, up by 16.3 per cent year on year, NBS data showed.

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