China Economic News

Added On November 27, 2018

 China's iron and steel industry has maintained solid growth in the first nine months.

China's iron and steel industry maintained solid growth momentum, posting notable rises in both operating income and profits from January to September.
China's Ministry of Industry and Information Technology showed that the industry's total main operating income surged up by 14 percent from the same period last year to 5.66 trillion yuan, or 816.7 billion U.S. dollars.
The industry's aggregate profit during the period amounted to 358.7 billion yuan, or about 51.76 billion U.S. dollars, up 65.3 percent year on year.
Large- and medium-sized enterprises contributed 3.06 trillion yuan, or about 441.56 billion U.S. dollars, to the total operating income and 230 billion yuan to profits.
The two figures marked a rise of 14.5 percent and 86 percent respectively.
By the end of September, the debt ratio of large- and medium-sized enterprises dropped by 3.9 percentage points from a year earlier.
The ministry said China's steel export is expected to stand around 70 million tonnes this year.
China's Ministry of Industry and Information Technology said the output of China's building material sector has expanded by 3.1 percent for the first nine months year on year.
The sector's total operating income surged by 14.5 percent over the same period of last year to 3.7 trillion yuan, or 533.9 billion U.S. dollars. 
The growth rate was 5.1 percentage points higher than the industrial average.
The Ministry also said the sector also features a jump in profit in the first 9 months, as the aggregated profits jumped by 44.8 percent year on year, with a profit ratio of 8.5 percent, 2.1 percentage points higher than the industrial average.
Cement and plate glass, which used to suffer from serious oversupply, have both witnessed slightly increasing output and become more profitable.