China’s profits from smelting and pressing of non-ferrous metals rose by 1.2pc, while that of ferrous metals fell by 37.6pc in 2019, according to the country’s National Bureau of Statistics.
In 2019, China’s industrial profits lowered by 3.3pc to CNY6.1996 trillion. The country recorded a decline in annual industrial profits and its economic growth fell to a 30-year-low. Earlier, profits declined by 2.1pc in 2015 from 2014. The impact of a trade war with the United States impacted manufacturing and production.
Profits from the mining and quarrying sector was CNY527.53bn, up 1.7pc from the year prior. Manufacturing of special-purpose machinery and electrical machinery & equipment rose by 12.9pc and 10.8pc, respectively. Profit from production of motor vehicles lowered by 15.9pc in 2019.
Total inventory value for finished products at the end of 2019 was CNY4,328.38bn, up by 2pc from 2018.
Chinese industry participants state that the Coronavirus outbreak is likely to impact economic growth in the first half of 2020, down to 5pc or lower in the first quarter.