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Financial News: China Industrial Profits Surge In December

China Industrial Profits Surge In December

01/27/2021 - 00:20:00 (RTTNews)

(RTTNews) - China's industrial profits increased notably at the end of 2020, data released by the National Bureau of Statistics showed on Wednesday.

Industrial profits grew 20.1 percent year-on-year in December, bigger than the 15.5 percent increase registered in November. This was the eighth consecutive month of growth.

In the whole year of 2020, profits of industrial firms increased 4.1 percent, in contrast to a 3.3 percent drop in 2019.

The recovery was underpinned by the manufacturing sector. Measures taken by the government together with global demand helped firms to ramp up activity after sharp pandemic driven contraction in the first quarter.

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