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Hope amid industrial profit growth slump
By Wang Yanlin |
October 27, 2011, Thursday
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PROFIT growth in China's industrial companies weakened again in the first three quarters, but a macroeconomic policy fine-tuning may provide some help in the future, analysts said.
Net earnings among China's industrial companies increased 27 percent from a year earlier to 3.68 trillion yuan (US$575 billion) in the month to September, the National Bureau of Statistics said today.
The pace slowed down further from 28.2 percent in the first eight months, 28.3 percent through July and 28.7 percent in the first half.
"Rising production costs, shrinking external demand and the previous tightening monetary policies work together to make industrial companies less profitable," said Li Maoyu, an analyst at the Changjiang Securities Co.
"But with the possible policy adjustment, the moderating pace of profit-making may get a boost," Li said.
Premier Wen Jiabao said on Tuesday that China should fine-tune macroeconomic policies and maintain reasonable credit growth to sustain economic expansion.
Private business remained the driving force of the profit gain in the first nine months. Their profit surged 44.7 percent from a year earlier to 1.02 trillion yuan. Earnings of foreign-invested firms and those from Hong Kong, Macau and Taiwan only rose 12.9 percent to 958.1 billion yuan.
Net earnings among China's industrial companies increased 27 percent from a year earlier to 3.68 trillion yuan (US$575 billion) in the month to September, the National Bureau of Statistics said today.
The pace slowed down further from 28.2 percent in the first eight months, 28.3 percent through July and 28.7 percent in the first half.
"Rising production costs, shrinking external demand and the previous tightening monetary policies work together to make industrial companies less profitable," said Li Maoyu, an analyst at the Changjiang Securities Co.
"But with the possible policy adjustment, the moderating pace of profit-making may get a boost," Li said.
Premier Wen Jiabao said on Tuesday that China should fine-tune macroeconomic policies and maintain reasonable credit growth to sustain economic expansion.
Private business remained the driving force of the profit gain in the first nine months. Their profit surged 44.7 percent from a year earlier to 1.02 trillion yuan. Earnings of foreign-invested firms and those from Hong Kong, Macau and Taiwan only rose 12.9 percent to 958.1 billion yuan.
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