China’s light industry reports profit growth in 2020

BEIJING (XINHUA) – China’s light industry registered higher profits but lower revenue in 2020 with the sector’s production and operation gradually recovering, official data showed.

Some 108,700 companies with annual revenue of over CNY20 million (about USD3.09 million) raked in CNY1.33 trillion in profits last year, up 3.6 per cent year on year, according to the Ministry of Industry and Information Technology (MIIT).

The operating revenue of these companies totalled CNY19.47 trillion in 2020, dropping 1.7 per cent from a year ago. The decline in revenue narrowed month by month with the sector’s overall operation continuing to improve, the MIIT noted.

MIIT data also showed the value-added industrial output of the sector dipped 0.8 per cent year on year in 2020.

Exports of the sector’s eight major products stood at USD362.1 billion last year, representing an increase of seven per cent, according to the General Administration of Customs.