BUSINESS China's building material industry registers robust recovery

BUSINESS

China's building material industry registers robust recovery

Xinhua

16:49, December 07, 2020

A constructor gazes afar at a height of about 500 meters at the construction site of a high rise building in Wuhan, Hubei province, on Aug 11, 2020. (Photo: Xinhua)

BEIJING -- China's building material sector has rebounded amid the country's gradual economic recovery, with profit growth and narrowed revenue drop expected in the first 10 months of the year, official data showed.

Enterprises with annual revenues of more than 20 million yuan (about $3.05 million) are expected to rake in about 340 billion yuan profits in the January-October period, up 1.3 percent year-on-year, according to the National Development and Reform Commission.

Operating revenues of the firms are expected to reach 4 trillion yuan, down 0.5 percent year-on-year, narrowing the decline by 0.6 percentage points from the first three quarters.

The output of major cement firms rose 0.4 percent from the same period last year to 1.92 billion tonnes, registering year-on-year growth for the first time this year, according to the National Bureau of Statistics (NBS).

Flat glass output of major companies hit 780 million weight cases, up 0.5 percent year-on-year, accelerating the growth by 0.1 percentage points from the first three quarters, NBS data showed.

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