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China Industrial Profits Up 137% In Q1

Asia / Business and Finance

At the beginning of the year, China saw a steady increase in the profits of industrial enterprises.

China Industrial Profits Up 137% In Q1

In January-March 2021, large industrial enterprises in China, i.e., industrial enterprises with an annual turnover of 20 million yuan (over US $ 3 million) and above each, made profits totaling 1.83 trillion yuan. which is 137% more than in the same period last year. This is the latest data released on Tuesday by the State Statistical Office of the PRC.

In March alone, the profits of these enterprises increased by 92.3% compared to the same month last year and reached 711.18 billion yuan, according to data from the Chinese State Statistics Service.

According to the senior statistician of the State Statistical Office Zhu Hong, the steady growth of the above indicators was made possible by the prolonged recovery of the Chinese economy, as well as the rapid growth of production and sales of industrial products.

According to statistics, in January-March this year, the added value of large industrial enterprises in China increased by 24.5% on an annualized basis, and their income from product sales - by 38.7%.

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