BEIJING, May 27 -- China's major industrial firms posted double-digit profit growth in the first four months of this year, the National Bureau of Statistics (NBS) said Saturday.
Industrial companies with annual revenues of more than 20 million yuan (about 2.92 million U.S. dollars) reported profits of 2.28 trillion yuan in the first four months, a 24.4-percent increase from one year earlier, the NBS said in a statement.
The profit growth has softened from a 28.3-percent increase in the first three months, but is still the highest January-April level since 2017.
In April alone, profits of major industrial firms rose 14 percent year on year to 572.78 billion yuan.
NBS statistician He Ping said the slowdown was "reasonable" after the breakneck growth in previous months, noting that there was still good momentum in industrial profit growth.
The industrial sector, which accounts for about one-third of China's GDP, started to pick up last year after profit declines in 2017, helped by government efforts to cut overcapacity and a recovery in the property sector.
Among the 41 industries surveyed, 38 posted year-on-year profit growth during the first four months.
Citing improving industrial indicators, He remains upbeat on the overall industrial performance, saying that there has been stronger support from consumer-goods manufacturing and high-tech manufacturing sectors, as well as a reduced debt burden.
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