Daily Management Review

Profit of large Chinese industrial enterprises decreases by 8.1% in January-July 2020


Profits for large industrial enterprises in China for the first seven months of 2020 were 3.1 trillion yuan (about $ 450.26 billion), down 8.1% from the same period in 2019, data from the State Statistics Office showed Monday.

Revenues for Chinese extractive industries declined 41.6% over the period to 195.38 billion yuan ($ 28.3 billion), profits for manufacturing companies fell 4.5%, and in the production and transmission of electricity, heat and gas, decreased by 3.3%.

In a total of 41 industries, only 12 of them increased incomes, while incomes of 29 enterprises - declined.

In addition, according to the calculations of the statistical office, profits of large state-owned industrial enterprises in the first seven months of the year decreased by 23.5% compared to the same period in 2019. The profit of joint-stock enterprises decreased by 9.0%, and of private enterprises - by 5.3%.

Separately, in July, the profits of large industrial enterprises in the PRC amounted to 589.5 billion yuan (about $ 85.56 billion), up 19.6% over the same period in 2019.

source: reuters.com