China's chemical fiber industry reports profit surge

BEIJING -- China's chemical fiber industry reported strong growth in the first 11 months of last year, as profits of major enterprises surged from the same period in 2020.

Total profits of the sector's major companies with annual revenues of at least 20 million yuan ($3.15 million) jumped 221.9 percent year-on-year to 59.7 billion yuan in the period, according to the Ministry of Industry and Information Technology (MIIT).

The combined operating revenue of these firms stood at 925.9 billion yuan, up 29.8 percent year-on-year.

In the January-November period last year, the total output of the sector rose 10.3 percent year-on-year to 61.39 million metric tons, MIIT data showed.