It is reported that listed companies in China reported rapid profit growth in the first half of this year (H1), as the country's structural reform began to bear results.
A total of 3,341 listed companies on the country's two major exchanges reported combined revenue of 18.12 trillion yuan ($2.75 trillion), up 24.1 percent year-on-year, according to data compiled by eastmoney.com, a financial data provider.
Combined profits attributable to shareholders totaled 1.67 trillion yuan, up 21.12 percent year-on-year.
More than 600 companies saw their profit growth double, while 362 companies saw their profits up 50 to 100 percent.
The growth came amid tightened financial regulations this year that aimed to curb shadow banking and control risks arising from activities such as off-balance sheet financing.
While a stabilizing economy and the country's ongoing structural reform have contributed to high profits and better assets quality, the improvements were also a result of rising profitability of cyclical industries including coal and steel, which eased bad loan pressure on the banks, China Merchants Securities said.
China has been implementing the supply-side structural reform to address outstanding issues like excess capacity, housing overhang, and "zombie" State-owned enterprises (SOEs) with poor profitability. (Source: China Daily)
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