happiness ChikwanhaProfits of China’s major industrial firms maintained steady recovery in July despite uncertainties due to the grim and complex domestic and international environment, official data showed last Thursday.
Last month, profits totalled 589,5 billion yuan (about 85,56 billion US dollars), increasing by 19,6 percent year on year, according to the National Bureau of Statistics (NBS).
The growth widened 8,1 percentage points from that in June, said NBS senior statistician Zhu Hong.
In the first seven months of the year, the profits declined 8,1 percent to 3,1 trillion yuan, narrowing 4,7 percentage points from that in the first six months.
With the implementation of policies and measures to coordinate epidemic prevention and control with economic and social development, the industrial sector continues to improve and firms’ profits continue to see rapid recovery growth, Zhu said.
In July, profits grew in 32 of 41 industrial sectors surveyed, while 24 of them showed improvements compared with that in June, according to the NBS.
Key sectors such as automobile, electronics, and equipment manufacturing showed improved profit-making ability.
The auto industry’s profit rose by 125,5 percent year on year last month, expanding from a 16,9-percent increase in June as sales and investment income picked up.
Profits of electronics industry grew 38,6 percent from a year earlier thanks to the rising demand for upgraded products.
Besides, high-tech manufacturing continued to expand steadily, with profits rising 36,5 percent from a year earlier.
Zhu gave credit to the country’s relief policies implemented this year, including large-scale tax and fee cuts, as well as the decrease in electricity, land use and rental costs, which effectively reduced the burden on enterprises.
— Xinhua.
Online Reporter