Backed by consolidated economic growth, the Chinese market is seeing a good time, as it has been reported that Chinese oil giant Sinopec has announced a 12% gain in net profit during the first six months of this year.

It has been reported that Sinopec has managed to get 41.2 billion Yuan ($6.4 billion) in the first six months from 36.8 billion Yuan the same period a year earlier.

If revenue is seen, total revenue was seen moving up by 31.5% to 1.23 billion Yuan in the first half and even sales of petroleum products managed to get a boost of 31.6% to 746.3 billion Yuan.

It’s being believed that despite global turmoil, the Chinese economy has managed to iron out profit for the inclusive growth and perhaps that’s the reason that it grew by 9.6% in the first half of the year.

Though minor fluctuations in the market are being expected, the company is of the opinion that on international level, increased market prices have supported the growth of the company.

In response to the news, Sinopec's shares were seen moving up by over 7% in the Hang Seng Index's benchmark index. Further, the Company is expecting to raise over 50 billion Yuan ($7.8 billion) via issuance of bonds so as to pay off debt and for future projects.