OREANDA-NEWSThe profits of China’s large industrial enterprises from January through March due to the new coronavirus pandemic declined year-on-year by 36.7% to 781.45 billion yuan (about $ 110.52 billion at the current rate). This was reported on Monday by the State Statistical Office of the PRC.

Large industrial companies in China include commercial organizations, whose positive difference in income and expenses per year exceeds 20 million yuan, or $ 2.82 million.

As follows from the document, the profit of companies in the Chinese mining industry fell by 27.5% to 88.14 billion yuan ($ 12.46 billion). The manufacturing sector negative dynamics turned out to be more significant - a decrease of 38.9% to 607.96 billion yuan ($ 85.98 billion). The indicator of producers involved in the generation and supply of electricity, heat, gas and water fell by 28.6% to 85.35 billion yuan ($ 12.07 billion).

According to official figures, in 2017, the profits of large state-owned enterprises in China grew by 8.5% to 6.8 trillion yuan (about $ 1 trillion at the current rate at that time). In 2018, the dynamics amounted to 10.3%. In 2019, it turned out to be negative, dropping to -3.3% (6.19 trillion yuan, or $ 893.87 billion).