Related News
China's industrial profit decline narrows in November
Online Edition
PROFITS of China's major industrial firms fell 1.4 percent year on year in November, narrowing from a 4.6-percent decline posted in October, the National Bureau of Statistics (NBS) said on Sunday.
Profits at industrial companies with annual revenues of more than 20 million yuan (US$3.1 million) totaled 672.1 billion yuan in November.
Rebounding sales, lower costs and higher investment returns helped slow the profit decrease, said He Ping, an official with the Department of Industry at the NBS.
Revenues from the firms' primary business rose 1 percent year on year in November, compared with a 1.4 percent drop in October.
Automobile and electricity industries posted marked profit growth, a major contributor to improvement in the overall industrial profits, He said.
Auto manufacturers saw their profits jump 35 percent in November, 28.6 percentage points higher than in October. Profits of power and heat suppliers soared 51 percent, up 42.6 percentage points from October.
However, the country's industrial firms still have to cope with rapid piling up of finished products and fast increase of receivables, the money they have yet to collect from customers, He said.
Industrial profits in the first 11 months of this year dropped 1.9 percent year on year to around 5.5 trillion yuan, the NBS said. The decline narrowed from a 2-percent decrease registered in the Jan.-Oct. period.
In the first 11 months, state-owned industrial firms saw profits slump 23 percent year on year, while privately-owned firms rose 5.3 percent.
Facing lingering downward risks, Chinese authorities have ramped up efforts to prop up the economy. The central bank has cut benchmark interest rates five times since last November and lowered banks' reserve requirement ratio three times since February.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
