China's industry is increasing profits
Despite the corona pandemic, Chinese industry increased its profits in 2020. They grew by 4.1 percent to 6.45 trillion yuan (the equivalent of almost 821 billion euros), as the statistics office in Beijing announced. In 2019 there was a decrease of 3.3 percent.
A strong year-end result contributed to the positive performance: In December, profits rose by more than a fifth to a good 707 billion yuan. While the private companies recorded a profit increase in the past year, the state industrial companies suffered a loss.
The export-oriented industry in China is benefiting from growing foreign business. The export world champion manufactures many goods that are in demand during the corona crisis – from medical equipment such as breathing masks to computers for the home office. This contributed to the fact that the world's second largest economy after the USA was the only large country to grow in the Corona year 2020. The gross domestic product increased by 2.3 percent. Economists polled by Reuters expect growth of 8.4 percent in the current year. That would be the biggest plus in a decade.
