China’s industrial companies increase their profit more than 83% in the first five months of 2021


27 jun 2021 20:06 GMT

In May 2021 alone, the profits of major Chinese industrial companies increased by 36.4% over the previous year.

The revenue of China’s industrial companies grew by 83.4%, to about 3.42 trillion yuan, in the first five months of 2021, according to the Asian giant’s National Bureau of Statistics. informs Xinhua.

Compared to the first five months of 2019, the figure represented a 48% increase. In May 2021 alone, the profits of the main industrial companies increased by 36.4%, compared to the previous year, reaching about 829,920 million yuan (128,544 million dollars).

According to the statistician of the National Statistical Office, Zhu Hong, of the 41 industrial sectors, almost 70% saw annual earnings increases in May, and 80% were earnings above 2019 levels. The specialist noted in particular that the raw materials production sector maintained a strong profit increase last month, and that the pharmaceutical manufacturing sector posted accelerated earnings growth.

Also, driven by growing market demand and price increases in bulk commodities, sectors related to smelting and metal processing, chemical raw materials and product manufacturing, as well as oil and coal, posted rapid earnings expansion in May.

For its part, the pharmaceutical manufacturing industry also experienced strong growth, driven by demand for pandemic-related medical supplies, such as COVID-19 vaccines and test kits. Sector profits grew 85.7% compared to the previous year.

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