Saturday , July 31 2021

Chinese industrial profit grew by 92.3%

Official figures showed on Tuesday that the profits of Chinese industrial companies in March rose 92.3 percent to 711.18 billion yuan ($ 109.66 billion). Data released by the National Bureau of Statistics showed that this was compared to an increase of 179 percent annually in the first two months.

Industrial profit data cover large companies with annual core business revenues in excess of RMB 20 million. In January-March, the profits of industrial firms increased by 137 percent over the same period a year earlier, to 1.825 trillion yuan.

The data showed that this figure jumped by 50.2 percent compared to the same period in 2019. Rapid growth also raised the average growth rate in the first quarter of 2020 and 2021 to 22.6 percent from the level recorded in 2019. Zhou Hong, chief statistician with power notes., Rapid growth in production and sales is one of the main drivers for increasing profits of China’s industrial companies.

At the same time, Tesla said Monday that first-quarter revenue was slightly higher than Wall Street expectations, backed by record deliveries and high demand from China.

Tesla set a record for deliveries in the first quarter, despite a global shortage of electronic chips, which severely harmed its auto competitors.

The pioneer in the field of electric vehicles, led by billionaire Elon Musk, said that revenue in the first quarter rose to $ 10.39 billion from $ 5.99 billion a year earlier. According to IPS from Refinitiv, analysts expected revenue of $ 10.29 billion.

On the other hand, the Chinese Academy of Information and Communication Technology issued a background paper on the sidelines of the fourth session of the China Digital Summit in Fuzhou, the capital of Southeast China’s Fujian Province.

The book notes that China’s digital economy has maintained a rapid growth rate of 9.7 percent in 2020, or about 3.2 times the country’s GDP growth rate per year, which is the main driver for the growth of a stable economy, given the double the aftermath of the Covid-19 pandemic outbreak and the global economic recession.

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