Briefly

Bicycle industry's profits increase

China's major bicycle manufacturers saw their profits surge more than 46 percent year-on-year in the first eight months of this year, according to the Ministry of Industry and Information Technology. Bike makers with annual main business revenue of more than 20 million yuan ($3.13 million) raked in 7.16 billion yuan in total profits from January to August. Their total revenue rose nearly 31 percent year-on-year to 145.16 billion yuan, MIIT data showed. During the same period, electric bike manufacturers reported total revenue of 75.03 billion yuan, up almost 24 percent year-on-year, with their profits increasing 29 percent to 3.46 billion yuan, according to the ministry.

City banks' assets top $6.43 trillion yuan

Total assets of China's city commercial banks reached 41.1 trillion yuan ($6.43 trillion) at the end of 2020, a report from the China Banking Association showed. The amount rose 10 percent year-on-year, or 1.7 percentage points faster than that at the end of 2019, according to the report on the development of city commercial banks. These banks' scale and development capacity registered steady growth in the past year as main profit indicators were maintained in a reasonable range and their ability to resist risks was enhanced, said the report.

Xinhua - China Daily