Weekly snapshot of China's progress on economic resumption

2020-08-30 19:00:35 root 0

Updated: Aug 30,2020 07:22 PM Xinhua

BEIJING — Amid the further containment of COVID-19, China is striving to get back to work and resume business and production. The following are the highlights of the past week:

— INDUSTRIAL PROFITS

Profits of China's major industrial firms maintained steady recovery in July despite uncertainties due to the grim and complex domestic and international environment, official data showed.

Last month, profits totaled 589.5 billion yuan (about $85.6 billion, increasing by 19.6 percent year-on-year, according to the National Bureau of Statistics. The growth widened 8.1 percentage points from that in June.

— STEEL OUTPUT

China's steel sector registered notable output growth in July as the country's economic recovery consolidates, according to the China Iron and Steel Association.

Crude steel output rose by 9.07 percent to reach 93.36 million metric tons during the period, with a daily production of 3.01 million tons.

The output of pig iron gained 8.81 percent year-on-year to 78.18 million tons in July, while that of rolled steel surged 9.87 percent from the same period last year to 116.89 million tons.

— AUTUMN GRAIN PRODUCTION

China's autumn grain production is generally guaranteed this year, according to the Ministry of Agriculture and Rural Affairs.

This year's autumn harvest currently has a certain foundation amid the pressure of the downward trend for the domestic economy, the COVID-19 outbreak and the natural disasters.

It is estimated that the area of autumn grain this year will reach 85.6 million hectares, an increase of more than 333,333 hectares.

— SOE PERFORMANCE

Profits and revenues of China's State-owned and State-controlled enterprises (SOEs) continued to post year-on-year growth in July.

The combined profits rose by 14 percent last month from the same period last year, while revenues increased by 2.7 percent.

The declines in key indicators of SOEs further narrowed during the first seven months of the year, showing that their recovery momentum has consolidated.