Xinhua, Beijing :
Listed companies in China reported rapid profit growth in 2017 as the country’s supply-side structural reform began to bear results.
So far, over half of listed companies on the country’s two major exchanges have reported their 2017 performance, and nearly 70 percent of them saw profit gains, according to the Xinhua-run Shanghai Securities News.
Most companies in traditional sectors such as coal and steel posted strong growth on the back of the country’s economic restructuring and business environment improvement.
Nineteen out of 20 companies that have released 2017 reports in the coal sector saw profit growth as China continues to slash excess coal capacity and product price increases. Shanxi Lu’an Environmental Energy Development said in its report that the company’s net profit is expected to surge 210 to 245 percent year on year in 2017.
Xinjiang Bayi Iron and Steel forecast that the company’s net profit jumped over 30 times in 2017 on the back of continued overcapacity cut efforts.
