Profits show warming consumption trend

BEIJING — A bevy of China's listed firms in catering, retail, entertainment and other sectors have reported recent earnings and profit growth, reflecting increasing demand and stronger recovery in consumer spending.

The net profits of companies in hospitality, catering, tourism and motion picture industries have reversed their losses and made profits on par with those of the first half of 2019 as offline activities recovered across China, said the Shanghai Stock Exchange, citing analysis of financial reports of all of its listed firms.

Tourism-related companies received a boost as Chinese residents flocked to lively urban streets and picturesque rural areas on weekends and holidays.