Profits of China’s major industrial firms rose by 34.3 percent year on year (YoY) last year as industrial production recovered and profit margin improved, according to National Bureau of Statistics (NBS) data, which showed industrial firms with annual revenues of at least 20 mn yuan (about $3.16 mn) saw their combined profits reach 8.71 trillion yuan last year. The full-year industrial profits were 39.8 percent higher than the 2019 level, putting the average annual growth for 2020 and 2021 at 18.2 percent, official reported.
