China's industrial profits accelerate rebound in first two months

2021-03-27 12:04:14

An employee works at a copper roll production facility in Dongyang, Zhejiang province, on Feb 27. [Photo by BAO KANGXUAN/FOR CHINA DAILY] BEIJING -- Profits of China's major industrial firms saw accelerated growth in the first two months of this year as the economy further firms up from the COVID-19-induced woes, official data showed Saturday. Industrial firms with an annual business turnover of at least 20 million yuan (about $3.06 million) saw their combined profits surge 179 percent year-on-year during the Jan-Feb period to 1.11 trillion yuan, data from the National Bureau of Statistics showed. When compared with the first two months of 2019, the figure represented a rise of 72.1 percent. The average growth rate in the past two years stood at 31.2 percent, NBS data showed. The notable rebound was a combined result of recovery in both domestic and external demand, a low comparison base and longer production hours by firms as workers "stayed put" for the Chinese Lunar New Year holiday this year, NBS senior statistician Zhu Hong said.