Industrial firms post 17% increase in combined earnings to US$144b
By Richard Fu |
January 28, 2013, Monday
|
Print Edition
Print Edition
INDUSTRIAL companies in China posted an annual 17.3 percent jump in combined profit to 895.2 billion yuan (US$143.9 billion) in December, the National Bureau of Statistics said yesterday.
That's the fourth consecutive month they reported an annual growth as the world's second-largest economy continued to recover. But the December growth eased from November's 22.8 percent gain, which marked the fastest growth last year.
For 2012, industrial profits rose 5.3 percent to 5.56 trillion yuan, the bureau said. In 2011, the profits surged 25.4 percent. In the first 11 months of last year, profits rose 3 percent.
Sales gained 11 percent to 91.6 trillion yuan for the full year.
The industrial sector may pick up further this year as the economic growth is recovering, analysts said.
China's industrial activity may have grown at its fastest pace in two years this month as an early indicator, the HSBC Flash China Manufacturing Purchasing Managers' Index, climbed to 51.9 in January from 51.5 in December, according to data released last week. A reading above 50 signals expansion.
Of the 41 major industrial sectors, 29 reported rising profits in 2012, the bureau said.
China posted its weakest growth in 13 years last year, by rising 7.8 percent year on year, but a rebound in the final quarter pointed to recovery.
Combined with other strengthening indicators revealed this month, including export and industrial output figures for December and a preliminary HSBC reading on January's manufacturing activity, the figures have made many hopeful for an economic turnaround.
Analysts have predicted the country's economy will pick up in 2013, as the global economy is stabilizing and government measures and reforms have taken effect.
The Center for Forecasting Science under the Chinese Academy of Sciences released a report on Saturday forecasting the national economy will expand by 8.4 percent this year.
China vowed to seek a higher "quality and efficiency" of growth this year and shift toward domestic demand to boost the economy.
That's the fourth consecutive month they reported an annual growth as the world's second-largest economy continued to recover. But the December growth eased from November's 22.8 percent gain, which marked the fastest growth last year.
For 2012, industrial profits rose 5.3 percent to 5.56 trillion yuan, the bureau said. In 2011, the profits surged 25.4 percent. In the first 11 months of last year, profits rose 3 percent.
Sales gained 11 percent to 91.6 trillion yuan for the full year.
The industrial sector may pick up further this year as the economic growth is recovering, analysts said.
China's industrial activity may have grown at its fastest pace in two years this month as an early indicator, the HSBC Flash China Manufacturing Purchasing Managers' Index, climbed to 51.9 in January from 51.5 in December, according to data released last week. A reading above 50 signals expansion.
Of the 41 major industrial sectors, 29 reported rising profits in 2012, the bureau said.
China posted its weakest growth in 13 years last year, by rising 7.8 percent year on year, but a rebound in the final quarter pointed to recovery.
Combined with other strengthening indicators revealed this month, including export and industrial output figures for December and a preliminary HSBC reading on January's manufacturing activity, the figures have made many hopeful for an economic turnaround.
Analysts have predicted the country's economy will pick up in 2013, as the global economy is stabilizing and government measures and reforms have taken effect.
The Center for Forecasting Science under the Chinese Academy of Sciences released a report on Saturday forecasting the national economy will expand by 8.4 percent this year.
China vowed to seek a higher "quality and efficiency" of growth this year and shift toward domestic demand to boost the economy.
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