China's major investment company reaps record gross profits

The State Development and Investment Corp, a major State-owned investment company, reaped a record 20 billion yuan ($2.86 billion) in gross profits in 2019.

Net profits stood at 16 billion yuan, according to Shi Hongxiang, the company's general manager.

Last year, the company made strides in its investment in the sectors such as ecological environment and health care, Shi said.

Established in 1995 under the direct management of the central government, the company's main business includes domestic industrial investment, financial services and international business.