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China’s August industrial profits soar
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China’s industrial profits accelerated sharply in August on a yearly basis, thanks to a lower comparative base, suggesting a steady growth momentum after a slowdown in the beginning of the year.
Industrial profits jumped 24.2 percent from a year earlier to 483.1 billion yuan (US$77.9 billion) last month, more than doubling the 11.6 percent gain in July, the National Bureau of Statistics said yesterday.
He Ping, a researcher at the bureau, said a low comparative base last year was one of the major reasons for the much faster acceleration.
“Industrial profit fell 6.2 percent year on year in August last year, which was the biggest drop in 2012 and created a low base for comparison,” He said.
He said a stabilizing economy also contributed to the growing industrial profits. China’s gross domestic product expanded 7.5 percent from a year earlier in the second quarter, the slowest in more than one year.
But data in the past two months have beaten many optimistic projections and raised hopes of China’s economic growth rebound in the third quarter.
Major international financial institutions, including Deutsche Bank, Citigroup and Merrill Lynch, have raised their forecast of China’s growth this year to around 7.8 percent.
Zhu Haibin, JPMorgan China chief economist, said the pickup in industrial profits in August added to the positive sentiment in recent weeks.
The profit acceleration was led by stronger performances in power generation, information technology, oil refinery and automobile, the data released yesterday showed.
Power companies more than doubled their aggregate profits to 34.8 billion yuan in August, while car manufacturers posted 309 billion yuan in profits, up 20.4 percent yearly because of brisk sales.
The profit and revenue data are based on a survey of companies with annual sales of 20 million yuan or more.
The HSBC Flash China Manufacturing Purchasing Managers Index, the earliest available indicator of operating conditions at industrial companies, settled at a six-month high of 51.2 this month, the HSBC Holdings said earlier this week.
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