China is the only major economy in the world to avoid a contraction in 2020, with gross domestic product growing 2.3 per cent for the full year, while many countries remain crippled by the jolt from the coronavirus. Photo: Bloomberg
China manufacturing continues sustained recovery as industrial profits grow for eighth straight month
- Profits at China’s industrial firms surged 20.1 per cent year on year in December to 707.11 billion yuan (US$109.3 billion)
- For 2020, annual profits for China’s industrial firms grew 4.1 per cent year on year to 6.45 trillion yuan (US$1 billion), recovering from a 3.3 per cent decline seen in 2019
China is the only major economy in the world to avoid a contraction in 2020, with gross domestic product growing 2.3 per cent for the full year, while many countries remain crippled by the jolt from the coronavirus. Photo: Bloomberg
