BEIJING (Reuters) – Earnings at China’s industrial companies surged 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion), official information confirmed on Wednesday.
The rebound adopted a 15.5% achieve in November and marked the eighth month of development in a row, in line with information from Nationwide Bureau of Statistics.
For the total yr of 2020, annual earnings for China’s industrial companies grew 4.1% year-on-year to six.45 trillion yuan, recovering from a 3.3% on-year decline seen in 2019. It was additionally faster than a 2.4% achieve seen in January-November.
China is the one main economic system on the planet to keep away from a contraction in 2020, with gross home product rising 2.3% for the total yr, whereas many international locations stay crippled by pandemic jolt.
Economists polled by Reuters anticipate China’s GDP to rise 8.4% in 2021, the quickest tempo in a decade. Nevertheless, some analysts cautioned {that a} slower restoration in consumption and potential fast slowdown in credit score development might be dangers for the Asian powerhouse.
(Reporting by Roxanne Liu, Stella Qiu and Ryan Woo; Modifying by Sam Holmes)
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