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China’s Industrial Firms 2020 Profits Recover on Strong Rebound

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Chinese industrial firms had a strong finish to 2020, with a recovery in economic growth to pre-pandemic levels and a jump in fourth quarter profits pushing them into the black last year.

Profits rose 4.1% to 6.5 trillion yuan ($1 trillion) last year compared with a decline in 2019, helped by a 20.1% surge in December from a year earlier, the National Bureau of Statistics said Wednesday.