China's bicycle industry reports surging profits

BEIJING -- China's major bicycle manufacturers saw their profits surge 22 percent year-on-year in the first three quarters, according to the Ministry of Industry and Information Technology (MIIT).

Bike makers with annual main-business revenue of more than 20 million yuan (about $3.02 million) raked in 5.13 billion yuan in total profits from January to September.

Meanwhile, their total revenue rose 15.7 percent from a year earlier to 126.05 billion yuan, the MIIT data showed.

During the same period, electric bike manufacturers reported total revenue of 67.76 billion yuan, up 26.6 percent year-on-year, with their profits surging 30.4 percent to 2.63 billion yuan, the ministry said.