China's bicycle industry reports surging profits
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China's major bicycle manufacturers saw their profits surge 28.5 percent year on year in the first eight months of 2020, according to the Ministry of Industry and Information Technology (MIIT).

Bike makers with annual main-business revenue of more than 20 million yuan (about 2.95 million U.S. dollars) raked in 4.74 billion yuan in total profits from January to August.

Meanwhile, their total revenue rose 12.4 percent from a year earlier to 105.32 billion yuan, the MIIT data showed.

During the same period, makers of electric bikes reported total revenue of 58.09 billion yuan, up 23.4 percent year on year, with their profits surging 42.9 percent to 2.68 billion yuan, said the ministry.

Source: Xinhua

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