Profit surge fails to secure industrial growth in China
China's National Bureau of Statistics (NBS) said industrial firms' profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year
By PTI |
BEIJING: Even as China's industrial firms posted net profit of $158.6 billion in the first five months of this year, the growth rate was lower than in the same period a year earlier.
The National Bureau of Statistics (NBS) said profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year when 42.1 per cent gain was reported.
Profits from state-owned industrial firms rose only by 1.5 per cent to 424.6 billion Yuan in revenues from their main business annually, largely hit by the weak energy and oil refining sectors, official Xinhua news agency said quoting the NBS.
Profits of power utilities plummeted 74 per cent year-on-year while oil refineries and coking plants suffered a loss of 44.3 billion Yuan from a profit of 35.2 billion Yuan during the same period last year, it said.
But profits surged more than 50 per cent in other sectors, including oil, gas, coal and construction material production. Steel companies also posted a 25.6 per cent jump in their profits and chemical companies 26 per cent.
Privately owned industrial firms reported a 51 per cent rise in their profits and foreign-funded firms 22.4 per cent increase.
The National Bureau of Statistics (NBS) said industrial firms' profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year
The National Bureau of Statistics (NBS) said industrial firms' profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year.
BEIJING: Even as China's industrial firms posted net profit of $158.6 billion in the first five months of this year, the growth rate was lower than in the same period a year earlier.
Profits from state-owned industrial firms rose only by 1.5 per cent to 424.6 billion Yuan in revenues from their main business annually, largely hit by the weak energy and oil refining sectors, official Xinhua news agency said quoting the NBS.
But profits surged more than 50 per cent in other sectors, including oil, gas, coal and construction material production. Steel companies also posted a 25.6 per cent jump in their profits and chemical companies 26 per cent.
Privately owned industrial firms reported a 51 per cent rise in their profits and foreign-funded firms 22.4 per cent increase.
The NBS statistics covered the profits of major industrial enterprises defined as those with more than 5 million Yuan in revenues from their main business annually.
The National Bureau of Statistics (NBS) said profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year when 42.1 per cent gain was reported.
Profits from state-owned industrial firms rose only by 1.5 per cent to 424.6 billion Yuan in revenues from their main business annually, largely hit by the weak energy and oil refining sectors, official Xinhua news agency said quoting the NBS.
Profits of power utilities plummeted 74 per cent year-on-year while oil refineries and coking plants suffered a loss of 44.3 billion Yuan from a profit of 35.2 billion Yuan during the same period last year, it said.
But profits surged more than 50 per cent in other sectors, including oil, gas, coal and construction material production. Steel companies also posted a 25.6 per cent jump in their profits and chemical companies 26 per cent.
Privately owned industrial firms reported a 51 per cent rise in their profits and foreign-funded firms 22.4 per cent increase.
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The NBS statistics covered the profits of major industrial enterprises defined as those with more than 5 million Yuan in revenues from their main business annually.The National Bureau of Statistics (NBS) said industrial firms' profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year
The National Bureau of Statistics (NBS) said industrial firms' profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year.
BEIJING: Even as China's industrial firms posted net profit of $158.6 billion in the first five months of this year, the growth rate was lower than in the same period a year earlier.
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The National Bureau of Statistics (NBS) said profits grew by 20.9 per cent in the Jan-May period but it was 21.2 percentage points lower than corresponding period of last year when 42.1 per cent gain was reported. Profits from state-owned industrial firms rose only by 1.5 per cent to 424.6 billion Yuan in revenues from their main business annually, largely hit by the weak energy and oil refining sectors, official Xinhua news agency said quoting the NBS.
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Profits of power utilities plummeted 74 per cent year-on-year while oil refineries and coking plants suffered a loss of 44.3 billion Yuan from a profit of 35.2 billion Yuan during the same period last year, it said. But profits surged more than 50 per cent in other sectors, including oil, gas, coal and construction material production. Steel companies also posted a 25.6 per cent jump in their profits and chemical companies 26 per cent.
Privately owned industrial firms reported a 51 per cent rise in their profits and foreign-funded firms 22.4 per cent increase.
The NBS statistics covered the profits of major industrial enterprises defined as those with more than 5 million Yuan in revenues from their main business annually.
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