China’s industrial profits grow steadily in 2020 as market demand improves

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(Xin Hua Net)

China recorded a steady increase in major industrial profits last year as market demand improved amid sustained economic recovery, according to the National Bureau of Statistics (NBS) on Wednesday.

In 2020, the profits of major industrial firms with an annual business turnover of at least 20 million yuan (about 3.09 million U.S. dollars) rose 4.1 percent year on year to more than 6.45 trillion yuan, the NBS data shows.

Hit by the COVID-19 epidemic at the beginning of last year, these firms saw their profits decline by 36.7 percent year on year in the first quarter.

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