China Daily (Hong Kong)

Light industry reports profit growth in 2020

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China’s light industry registered higher profits but lower revenue in 2020 with the sector’s production and operations gradually recovering, official data showed. Some 108,700 companies with annual revenue of over 20 million yuan ($3.09 million) raked in 1.33 trillion yuan in profits last year, up 3.6 percent year-on-year, according to the Ministry of Industry and Informatio­n Technology. The operating revenue of these companies totaled 19.47 trillion yuan in 2020, dropping 1.7 percent from a year earlier. The decline in revenue narrowed on a monthly basis with the sector’s overall operations continuing to improve, the ministry said.

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