Beijing sees surging industrial profits in Q1

XINHUA, Beijing 

Beijing reported surging growth in industrial profits in the first quarter of 2021 amid economic recovery from the COVID-19 epidemic early last year.

Profits of major industrial firms in the Chinese capital totaled 65.32 billion yuan (about 10.1 billion U.S. dollars) in the January-March period, up 3.2 times year on year, according to the Beijing municipal statistics bureau.

Industrial firms with an annual business turnover of at least 20 million yuan generated total revenues of 641.85 billion yuan in the three months, a year-on-year increase of 41.9 percent, the bureau said. Companies funded by foreign investors as well as those from Hong Kong, Macao and Taiwan raked in 34.78 billion yuan in combined profits, up 3.6 times year on year.