China's industrial profits up 66.9% in H1

BEIJING -- China's major industrial companies saw a steady increase in profits in the first half of this year amid a stable recovery in market demand and improving business performance, official data showed Tuesday.

Industrial firms with an annual business turnover of at least 20 million yuan (about $3.09 million) raked in combined profits of 4.22 trillion yuan during the period, up 66.9 percent year-on-year, data from the National Bureau of Statistics showed.

Compared with the 2019 level, profits of major industrial firms rose by 45.5 percent in H1. The expansion put the average H1 growth for 2020 and 2021 at 20.6 percent, NBS data showed.

In the second quarter, industrial profits rose 36 percent year-on-year, up 42.5 percent from the 2019 level.

In June alone, major industrial firms made 791.8 billion yuan in total profits, up 20 percent year-on-year.