BUSINESS China's electronic information manufacturing registers revenue, profit growth in H1

BUSINESS

China's electronic information manufacturing registers revenue, profit growth in H1

Xinhua

21:50, August 02, 2020

A visitor checks out a smart logistics model during a high-tech exhibition in Suzhou, Jiangsu province. (Photo: Xinhua)

BEIJING - China's electronic information manufacturing sector logged revenue and profit growth in the first half of the year (H1), despite the impact of the COVID-19 epidemic, data from the Ministry of Industry and Information Technology (MIIT) showed.

Total profits of firms with annual revenue of more than 20 million yuan ($2.86 million) surged 27.1 percent year-on-year, while the operating revenue of these firms rose 4.6 percent, expanding from the 1.3-percent rise in the first five months, according to the MIIT.

Value-added output of major electronic information manufacturers rose 5.7 percent year-on-year in H1, while fixed-asset investment in the industry registered a 9.4-percent yearly growth, 0.9 percentage points higher than the same period of last year.

Export delivery of major firms in the sector rose 17.5 percent year-on-year in June, accelerating the pace of growth by 16.3 percentage points from one year ago.

In breakdown, the communications equipment manufacturing sub-sector saw its profits soar 41.3 percent year on year in H1, leading among major sub-sectors of the industry, said the MIIT.

In June alone, the output of smartphones hiked 26.1 percent year-on-year, while that of laptops and tablets rose 5.6 percent and 4.7 percent, respectively.

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