Skip to main content

Chinese automakers’ profits down 5.9 pct in Jan-July

Abstract : China's auto manufacturing sector saw the decline in its profits narrow in the first seven months of 2020 as the auto market maintained recovery momentum, industry data showed.

BEIJING, Aug. 28 (Xinhua) — China’s auto manufacturing sector saw
the decline in its profits narrow in the first seven months of 2020 as
the auto market maintained recovery momentum, industry data showed.

The sector’s profits fell 5.9 percent year on year to 251.45 billion
yuan (about 36.5 billion U.S. dollars), narrowing 14.8 percentage points
from the drop seen in the first half of the year, according to the
China Association of Automobile Manufacturers (CAAM), citing data from
the National Bureau of Statistics.

The sector’s profits accounted for 8.1 percent of the total profits
among industrial companies with annual revenue of more than 20 million
yuan, up 0.5 percentage points from the share for the January-June
period.

Business revenue of the sector stood at 4.07 trillion yuan, edging
down 4.4 percent year on year, narrowing 3.6 percentage points from the
first half.

CAAM data also showed the July’s automobile output reached 2.2
million, up 21.9 percent year on year, while sales hit 2.1 million, up
16.4 percent year on year.

China’s auto market, which was hit hard by the COVID-19 epidemic,
started to recover in April, thanks to unleashed pent-up demand and
supportive policies. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: Chinese automakers’ profits down 5.9 pct in Jan-July

Labels:

Comments

Post a Comment

Popular posts from this blog

China’s non-manufacturing PMI down in April

Abstract : The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 54.9 in April, down 1.4 percentage points from the March figure, the National Bureau of Statistics said Friday. BEIJING, April 30 (Xinhua) — The purchasing managers’ index (PMI) for China’s non-manufacturing sector came in at 54.9 in April, down 1.4 percentage points from the March figure, the National Bureau of Statistics (NBS) said Friday. A reading above 50 indicates expansion, while a reading below reflects contraction. The expansion of the non-manufacturing sector continued to gather momentum but at a slower pace, said senior NBS statistician Zhao Qinghe. In April, the sub-index for business activities in the services sector stood at 54.4, down from 55.2 in March. The sub-indexes for business activities in rail services, air transportation and accommodation came in at above 65, indicating the rapid growth of business volumes in these areas, according to Zhao. The statisti...
Post a Comment
Read more

China expands QDII quotas as outbound investment demand grows

Abstract : China's foreign exchange regulator on Wednesday night expanded quotas under an outbound investment scheme to meet the growing demand of domestic investors. BEIJING, June 3 (Xinhua) — China’s foreign exchange regulator on Wednesday night expanded quotas under an outbound investment scheme to meet the growing demand of domestic investors. A total of 10.3 billion U.S. dollars in quotas was granted to 17 institutions under the Qualified Domestic Institutional Investor (QDII) program, a scheme for outbound investment , according to the State Administration of Foreign Exchange (SAFE). Among these institutions were fund companies, securities firms and insurers, as well as banks, said the regulator. The move brought China’s total QDII quota to 147.32 billion U.S. dollars. Under the QDII program, the country’s cross-border capital flows have been maintained in an orderly manner, satisfying the rising demand for outbound investment at home, said a SAFE official. T...
Post a Comment
Read more

Interview: Egyptian-Chinese cooperation against COVID-19 reflects strength of ties, says Egyptian minister

Abstract : Egyptian-Chinese cooperation in the fight against the COVID-19 pandemic reflects the strength and durability of the two countries' relations, said Egyptian Minister of State for Information Osama Heikal. SHARM EL SHEIKH, Egypt , Sept. 27 (Xinhua) — Egyptian-Chinese cooperation in the fight against the COVID-19 pandemic reflects the strength and durability of the two countries’ relations, said Egyptian Minister of State for Information Osama Heikal. “In such circumstances, countries need to cooperate with each other in a way that demonstrates solidarity and reflects strength in relationships … Egyptian-Chinese cooperation is a good example,” the minister told Xinhua in a recent interview. Egypt-China relations are strong and deeply-rooted, and will gain a greater momentum in the coming years, he said. The minister praised China’s handling of the pandemic, saying that every country has dealt with the crisis according to its own circumstances. “I believe that the E...
Post a Comment
Read more