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China industrial profit posts slower growth in July

By Wang Yanlin | August 28, 2014, Thursday | Online Edition

CHINA'S industrial profit expanded 13.5 percent from a year earlier in July, weakening from the pace of 17.9 percent a month ago, the National Bureau of Statistics said today.

It echoed earlier data showing that the recovery in the manufacturing sector has yet to consolidate, analysts said.

The profit totaled 482.3 billion yuan (US$78.4 billion) last month, landing net earnings of manufacturers in the first seven months at 3.34 trillion yuan, up 11.7 percent year on year.

He Ping, a researcher at the bureau, said the data, though directing to moderating growth, still reflected stability in the sector after the country launched a set of accommodative policies since March.

"Industrial companies reported better sales and the rise of costs was contained somewhat in the past month," He said.

In the first seven months, revenue of manufacturers increased 8.8 percent, 0.2 percentage points stronger than that in the first half, according to the bureau. Costs gained 9 percent, the same as that in the January-June period.

Earlier data showed China's manufacturing sector may grow at the slowest pace in three months in August when new orders moderated.

The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of the operating conditions at the industrial sector, dropped to 50.3 in August from the final reading of 51.7 in July, indicating weakness in the country's economy which appeared to be faltering again.

Wang Tao, an economist at UBS, said the sluggish domestic demand may continue to weigh on the industrial sector, and less investment in manufacturing would also cast shadow on its further recovery.

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