Petrochemical industry becomes most profitable in China

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Last updated at: (Beijing Time) Tuesday, December 30, 2003

Petrochemical industry becomes most profitable in China

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China's petrochemical industry, with profits of 159.8 billion yuan (US$19.3 billion) from January to November, has become the most profitable industry in China, according to figures from the State Development and Reform Commission.

The petrochemical industry, followed by the machine, light industry, power and metallurgical industry in profits rankings, increased profits by 50.2 billion yuan over the same period last year.

The profits of the machine industry totaled 135.3 billion yuan, 50.7 per cent of which was contributed by China's booming auto industry.

Light industry realized profits of 106.4 billion yuan, and the power industry 63.2 billion yuan.

China, as the first country to produce over 200 million tons of steel annually, also saw metallurgical industry profits soar to 59. 3 billion yuan in the first 11 months, up 31.4 billion yuan from the same period last year.

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