China's Building Materials Sector Rises After Strong Drop

The Chinese building materials sector has recovered from the epidemic thanks to measures taken by the country's authorities, reducing the drop in revenue in the first ten months of the year, according to Xinhua News Agency.

Enterprises with annual revenues of more than 20 million yuan (about $ 3.05 million) are expected to generate about 340 billion yuan in profits between January and October, up 1.3% from last year for the same period, the National Commission for Development and Reforms of the PRC.

The operating income of the companies is expected to reach 4 trillion yuan, down 0.5% year on year, cutting a 0.6 percentage point decline from the first three quarters of the year.

Production of large cement companies rose 0.4% year-on-year to 1.92 billion tonnes, recording year-on-year growth for the first time this year, the bureau said.

Flat glass production by large companies reached 780 million weight boxes, an increase of 0.5% year-on-year, accelerating growth by 0.1 percentage point over the first three quarters of the year.

Source: https://regnum.ru/