Combined profit of domestic industrial enterprises above designated size is forecast to have increased 4.1% YoY to RMB6.45 trillion in 2020, including RMB425.76 billion (up 20.9% YoY) from chemical companies, according to data issued by the National Bureau of Statistics on January 27. 

In detail, profit of the special equipment manufacturing is predicted to have been up 24.4% YoY, higher than 20.3% in the nonferrous metal smelting, rolling and processing industry, 17.2% in the computer, communication and other electronic equipment manufacturing industry and 13% in the general machinery manufacturing industry. The textile industry is expected to have seen a profit growth of 7.9% YoY, electrical machinery and equipment manufacturing industry 6%, farm and sideline food processing industry 5.9%, automobile industry 4%, electric power and heat power production and supply industry 3.4% and non-metallic mineral product industry 2.7%. However, some industries forecast profit decline such as the petroleum and natural gas exploration and production industry, profit of which may have dropped 83.2% YoY, the petroleum, coal and other fuel processing industry (down 26.5% YoY), the coal mining and washing industry (down 21.1% YoY) and the ferrous metal smelting, rolling and processing industry (down 7.5% YoY).

Around 17.3% enterprises are forecast to suffer losses at the end of 2020, but the amount of loss has been shrinking (up 42.9% in Q1, up 13.1% in Q2, down 21.4% in Q3 and down 33% in Q4).