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2020 - 09 - 04
China's leading heavy equipment manufacturer Sany Heavy Industry Co Ltd reported significant profit growth in the first half (H1) of 2020.Net profit attributable to its shareholders hit 8.47 billion yuan ($1.23 billion) in H1, up 25.48 percent year-on-year, according to its semi-annual financial report.During the period, Sany raked in an operating income of about 49.2 billion yuan, up 13.37 percent year-on-year.Among its major products, sales of excavators rose 17.22 percent year-on-year to about 18.65 billion yuan, retaining its position as the top seller in the domestic market for the te...
2020 - 09 - 02
Since its founding in 1949, the People's Republic of China has taken off to become a global superpower in the past seven decades. The country has written a chapter in economic books with its distinctive growth model.Below are graphics examining the foreign trade transformation of the world's second largest economy. China journeyed from residing within the socialist camp to being considered 'the factory of the world,' before carrying on opening up its market by holding import expos and international services trade fairs.The first 30 years of economic development laid the...
2020 - 08 - 27
As much of the world struggles to contain the coronavirus, China's recovery is gaining momentum, positioning it to further close its gap with the US economy, according to an article, 'China's Economy, Bouncing Back, Gains on the US,' published on The Wall Street Journal on Tuesday.According to the article, China is the only major economy expected to grow this year. JP Morgan recently boosted its 2020 China growth forecast to 2.5 percent from 1.3 percent in April. Economists at the World Bank and elsewhere have also upgraded their forecasts for China.China, the world's secon...
2020 - 08 - 24
China's fiscal revenue in the first seven months of the year came in at 11.47 trillion yuan (1.66 trillion U.S. dollars), down 8.7 percent year on year, official data showed Wednesday.Tax revenue in the January-July period fell 8.8 percent from a year earlier to reach 9.85 trillion yuan. Revenue from value-added tax, the largest fiscal revenue source in the country, fell 17 percent year on year, according to data released by the Ministry of Finance.A breakdown showed the central government collected nearly 5.36 trillion yuan in fiscal revenue during the seven-month period, down 11.3 percen...
2020 - 08 - 20
China's recent economic data have shown that the country will be the first major economy to pull out of the crisis brought by the COVID-19 pandemic, as the country's recovery is accelerating, an Aug 9 Bloomberg report said.The report cited recently released July numbers revealing that the country's industrial production has picked up growth and stopped shrinking in the retail sales sector. The decline in investment for the first seven months also narrowed from the drop in the first six months, it said.Recent figures from China, including a better-than-expected trade performance, ha...
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