March 30, 2023

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Big business in China makes $ 128 billion a month in profits

Big business in China makes $ 128 billion a month in profits

Profits of China’s largest industrial companies maintained a healthy growth rate in the first ten months of this year, as industrial production continued to recover and business continued to grow.
The profitability of those firms soared in October, providing protection for the economy hit by higher raw material prices, the Chinese Statistics Office said yesterday.
According to Reuters, profits rose 24.6 percent last month to 818.7 billion yuan ($ 128.1 billion), up from 16.3 percent in September.
During January-October, industrial profits rose 42.2 percent year-on-year to 7.2 trillion yuan.
Industrial profit data includes large companies with annual revenues of 20 million yuan from their core operations.
According to a report by China’s National Development and Reform Commission, Chinese officials have promised to maintain reasonable prices for key commodities in China.
According to the Bloomberg news agency, the report stressed that prices in China are under control and that the country will not face rising costs in all sectors, and the report was released by National Development and Reform. Commission responsible for the economic planning of the country.
Prices of coal and other energy sources have fallen sharply recently, leaving no change in the positive pace of the Chinese economy, the report said, citing experts including Jiu Lian, a researcher at the Commission’s Academy of Macroeconomic Research. Long term.
“Looking back later this year and until next year, there will be plenty of goods and services in China’s consumer sector,” the report said.
In the context of China, the government says the Xinjiang Uyghur Autonomous Region in northwest China invested 63.5 billion yuan (approximately $ 9.9 billion) in road construction between January and October this year.
According to regional transport officials, the total length of Xinjiang’s highways currently exceeds 6,000 kilometers, and 85 of the 107 districts and cities in the region currently have access to highways.
During the 13th Five Year Plan (2016-2020) the transport industry in Xinjiang grew rapidly, with the total length of the highway network in the region being approximately 210,000 km.
That number is likely to increase to 220,000 km during the 14th Five Year Plan (2021-2025), with 400 billion yuan being invested in road construction.
In addition, China seeks to further revive the tourism and cultural sector in the eastern province of Zhejiang, as part of its efforts to promote Zhejiang construction as a pilot part of the general prosperity.
The move was part of a plan to create a unique cultural ground for the construction of a pilot zone (2021-2025) jointly released by the Ministry of Culture and Tourism and the Zhejiang Provincial Government.
The document sets out nine key tasks, including better promoting the core values ​​of socialism, promoting the idea of ​​common prosperity in the hearts of the people, promoting the level of public cultural services, promoting the rural renaissance and more.
In doing so, it is expected that the benefits of tourism and cultural development will be carried to the people and it will accumulate experiences that can be used in other parts of the country to achieve high quality development of culture. Tourism with general prosperity.
In June, Chinese central officials released guidelines for making Zhejiang a pilot area for shared prosperity.
In turn, the Chinese Ministry of Commerce recently stated that China supports the early completion of negotiations on fisheries subsidies and the establishment of new support rules ahead of the 12th WTO Ministerial Conference.
Xu Jueting, a spokeswoman for the Ministry of Commerce, said that reaching an agreement would contribute to the sustainable development of marine fisheries, and that it was important to revitalize multilateralism and safeguard the status of the multilateral trading body as a key channel for developing international rules. , At a press conference.
Xu said that as a developing country and a major fishing nation, China will continue to actively and constructively participate in negotiations, fulfill international obligations, and end negotiations in accordance with its own development level and capabilities. As planned.
He explained that with the 12th World Trade Organization Ministerial Conference to be held in Geneva from the 30th to the 3rd of this month in Geneva, it will be an important meeting at a critical juncture in the development of economic globalization. “All members are looking forward to the outcome of the conference, and serious discussions are underway, and they are carefully preparing for the meeting.”
He said China was ready to work with all parties to support the comprehensive development of the multilateral trading system, to uphold the legitimate rights and interests of developing members, and to maintain the status of the multilateral trade organization as a key channel for the formulation of international rules. .
Xu pledged joint efforts to achieve positive results in areas such as fisheries support and global cooperation against the epidemic.
He also stressed the need to safeguard the power and efficiency of the World Trade Organization so that it can play a greater role in the recovery and management of the world economy.

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