BEIJING, June 29 (Xinhua) -- The profits of Chinese industrial firms resumed positive growth for the first time in May 2020, further confirming the accelerated recovery of China's industrial economy, Shanghai Securities News reported on Monday.
According to the National Bureau of Statistics, the total profits of major industrial firms with main business revenue of 20 million yuan and above increased by 6 percent year on year to 582.34 billion yuan in May, compared with a year-on-year decrease of 4.3 percent in April.
In May, petroleum processing, power, chemicals and steel are the key industries gaining significant recovery in profits.
Data show that the profit of the petroleum processing industry jumped 8.9 percent on year to 11.62 billion yuan in May, comapred to a loss of 21.8 billion yuan in April. The profit of the power industry increased by 10.9 percent on year in May, recoverng from a decrease of 15.7 percent in April. The profit of chemical industry and steel industry decreased by 9.6 percent and 50.5 percent respectively but declines narrowed down from those in April.
By the end of May, 10 of the 41 industrial sectors have achieved positive year-on-year growths in total profit. Among them, the high-tech industry performed well.
In the first five months of this year, the profit of the computer, communications and other electronic equipment manufacturing industry totaled 170.9 billion yuan, making it the most lucrative industrial sector. The cumulative profit growth increased significantly from the 15 percent in January-April to 34.7 percent in January-May.
In the future, favorable policies such as the reduction of electricity costs and tax and fee cuts are expected to help industrial sectors to further recover, said Chu Jianfang, chief economist of CITIC Securities. (Edited by Gao Jingyan with Xinhua Silk Road, firstname.lastname@example.org)