China’s electronic information manufacturing registers revenue, profit growth

BEIJING (Xinhua) – China’s electronic information manufacturing sector logged growth in revenues and profits in the first eight months despite the impact of the COVID-19 epidemic, official data showed.

Total profits of firms with annual revenues of more than CNY20 million (about USD2.94 million) surged 26.1 per cent year-on-year, while the operating revenues of these firms rose 7.3 per cent, according to the Ministry of Industry and Information Technology.

The value-added output of major electronic information manufacturers rose seven per cent year-on-year in the January-August period, and fixed-asset investment in the industry registered an 11.7-per cent yearly growth, 0.6 percentage points higher than the same period last year.

The communications equipment manufacturing sub-sector saw profits soar 38.1 per cent year-on-year in the first eight months, leading major sub-sectors in the industry, data showed.

In August alone, the output of smartphones jumped 12.1 per cent year-on-year, while the outputs of laptops and tablets rose 27.1 per cent and 4.1 per cent.