China's food industry remains stable in first four months

BEIJING - China's food industry remained generally stable in the first four months of this year, according to the Ministry of Industry and Information Technology (MIIT).

Industrial added-value of firms in the sector saw stable growth, with those of food manufacturers and agricultural by-product processors rising by 7.5 percent and 3 percent year-on-year respectively.

Retail sales of grain, oil and food reached 499.63 billion yuan ($70.41 billion), up 13.8 percent from last year. Sales of beverages stood at 63.46 billion yuan during the period, a 6.3-percent year-on-year growth, MIIT data showed.

From January to April, profits of major food companies fell by 3 percent year-on-year to 166.18 billion yuan.

Major food companies refer to those with an annual business turnover of at least 20 million yuan.