Profit growth

CHINA’S major food processing companies recorded strong profit growth in the first nine months of the year, data by the Ministry of Industry and Information Technology showed.

Enterprises with annual revenues of more than 20 million yuan (US$3.02 million) from their main operations saw combined profits reach 440.32 billion yuan, up 10.1 percent year on year, the data showed.

Food manufacturers reported 131.69 billion yuan in combined profits in the same period, an increase of 11.9 percent year on year.

The combined profits of liquor, beverage and tea manufacturers rose 4.4 percent to 175.91 billion yuan, the data showed.

Subsidies granted

MORE than 400 cultural and recreational activities will be held in Harbin, capital of China’s northernmost Heilongjiang Province, with 48 million yuan (about US$7.26 million) in subsidies granted to boost tourism during its upcoming ice and snow season.

The winter tourism season, scheduled to last from November to April 2021, will see various activities involving tourism, culture, arts, fashion, sports and economic cooperation in Harbin, dubbed China’s “ice city.”

Rising profits

CHINA’S logistics sector sustained steady expansion in October as broader economic recovery consolidates, data from the China Federation of Logistics and Purchasing showed.

The logistics performance index, which tracks business volumes, new orders, employment, inventory turnover and equipment utility rates in the sector, came in at 56.3 percent last month, up 0.2 percentage points from September. A reading above 50 percent indicates expansion.