China's bicycle industry reports rapid profit growth

BEIJING - China's major bicycle manufacturers saw their profits surge 46.4 percent year on year in the first eight months of 2021, according to the Ministry of Industry and Information Technology (MIIT).

Bike makers with annual main business revenue of more than 20 million yuan (about $3.13 million) raked in 7.16 billion yuan in total profits from January to August.

Their total revenue rose 30.6 percent from a year earlier to 145.16 billion yuan, the MIIT data showed.

During the same period, electric bike manufacturers reported total revenue of 75.03 billion yuan, up 23.9 percent year on year, with their profits increasing 28.6 percent to 3.46 billion yuan, said the ministry.