BEIJING, July 16 (Xinhua) -- The first-half forecast reports of China's listed companies have shed light on the country's economic restructuring and industrial upgrading.
As of Monday, 1,787 listed firms had disclosed their H1 advance financial reports, with 941 expecting rising net profits or to turn losses into gains, according to Wind, a leading information service provider.
Sectors such as agriculture, forestry, husbandry, communication, non-bank financial service, transportation and minerals are among the best performers.
Zhejiang Kaier New Materials Co. Ltd. had the fastest growing profitability, and expected its H1 net profit to reach up to 65 million yuan (9.46 million U.S. dollars), expanding up to 92 times year on year. The company attributed the strong profit growth to increasing orders for its eco-friendly products.
Huaxin Cement Co. forecast its H1 net profit to surge by up to 56 percent because of rising demand following the country's ongoing supply-side structural reform and tighter enforcement of environmental-protection policies as well as higher product prices.
As the country tries to transition to an innovation and service-driven economy, high-tech and emerging industries are picking up momentum.
Medical informatization, industrial Internet, fintech, cloud hardware and software and artificial intelligence all posted hefty profit growth, according to BOC International (China).
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., a healthcare provider, said its net profits might grow by up to 30 percent to 2.43 billion yuan in the January-June period.
Companies in the home appliance sector eyed faster growth of net profits in H1 from Q1. Skyworth Digital Co. Ltd. expects its H1 net profit to reach nearly 275 million yuan, increasing up to 72 percent year on year.
The picture painted by the financial reports was in line with official data, which showed that output growth of China's high-tech industry and service sector outpaced GDP.
Gross output of information transmission, software and information technology services and tenancy and business services increased by big margins in H1, according to data from the National Bureau of Statistics (NBS) Tuesday.
Consumption continued to play a major role in driving economic growth, with final consumption contributing to 60.1 percent of economic expansion in the January-June period. Retail sales rose 9.8 percent year-on-year in June, accelerating from 8.6 percent in May.
China's GDP logged 6.3-percent growth in the first six months of this year, meaning China was still one of the world's fastest-growing major economies amid slower global economic growth.
In a recognition of the resilience of the Chinese economy, the IMF in April revised the 2019 growth projection for China up to 6.3 percent, 0.1 percentage points higher that its previous estimation.