Industrial giants post 137% profit surge in the first quarter

Profits of China’s major industrial firms maintained fast expansion in the first quarter this year

as the Chinese economy continued its recovery and enterprises’ production and sales further restored growth,

official data showed yesterday.

Industrial firms with an annual business turnover of at least 20 million yuan (US$3.08 million)

raked in 1.83 trillion yuan in combined profits during the first three months,

surging 137 percent year on year, according to the National Bureau of Statistics.

The figure jumped 50.2 percent compared with the same period in 2019.

The fast expansion also put average first-quarter growth for 2020 and 2021 at 22.6 percent compared to the 2019 level, NBS data shows.

In March alone, profits of major industrial firms jumped 92.3 percent year on year to 711.18 billion yuan.

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