Profits at China’s industrial firms grew sharply in March from a low base a year ago, as demand for raw materials surged along with the economic recovery, but the pace of growth slowed, official data showed on Tuesday, reported the South China Morning Post.
Profits rose to RMB 711.18 billion ($109.6 billion) in March, up 92.3% from a year ago, data from the National Bureau of Statistics (NBS) showed. The pace of growth slowed from the first two months of the year. Profits grew 179% in January-February compared with the same period in 2020.
Strong profits in raw materials manufacturing and processing industries, in particular chemicals, metals and petroleum, helped drive overall industrial profit growth as demand picked up, according to a statement from Zhu Hong, an official at the NBS.
For the January-March period, industrial firms’ profits rose 137% from the same period a year earlier to RMB 1.825 trillion ($281 billion).