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Industrial profit grows slower in June
By Wang Yanlin |
July 28, 2010, Wednesday
|
Online Edition
Online Edition
PROFIT among China's industrial companies grew at a slower pace in June, reflecting moderation in the country's industrial output and the overall economic growth.
Analysts expected China's economy may continue a slowdown spiral in the rest of this year but it may pick up again in 2011 or 2012 when the country focuses on boosting domestic consumption.
Net earnings of Chinese manufacturers increased 71.8 percent from a year earlier to 1.61 trillion yuan (US$235.9 billion) through June this year. The rate was down 11.2 percentage points from the pace in the first five months, the National Bureau of Statistics said today.
The profit figures cover state companies and private businesses with annual sales of more than 5 million yuan in 39 industries.
"The smaller profit growth is expected given the moderation in industrial production," said Li Maoyu, an analyst at Changjiang Securities Co. "With the producer prices staying high and more restrictive policies for curbing pollution, the growth rate may continue to fall in the rest of this year."
China's industrial production grew 13.7 percent year on year in June, compared with a 16.2-percent rise in May. It was the third consecutive month that China reported a slower pace in industrial output.
The weaker expansion came after the country enhanced its efforts to control energy-intensive industries to achieve its energy conservation target. The Chinese government plans to cut energy use per unit of gross domestic product by 20 percent between 2006 and 2010.
Analysts expected China's economy may continue a slowdown spiral in the rest of this year but it may pick up again in 2011 or 2012 when the country focuses on boosting domestic consumption.
Net earnings of Chinese manufacturers increased 71.8 percent from a year earlier to 1.61 trillion yuan (US$235.9 billion) through June this year. The rate was down 11.2 percentage points from the pace in the first five months, the National Bureau of Statistics said today.
The profit figures cover state companies and private businesses with annual sales of more than 5 million yuan in 39 industries.
"The smaller profit growth is expected given the moderation in industrial production," said Li Maoyu, an analyst at Changjiang Securities Co. "With the producer prices staying high and more restrictive policies for curbing pollution, the growth rate may continue to fall in the rest of this year."
China's industrial production grew 13.7 percent year on year in June, compared with a 16.2-percent rise in May. It was the third consecutive month that China reported a slower pace in industrial output.
The weaker expansion came after the country enhanced its efforts to control energy-intensive industries to achieve its energy conservation target. The Chinese government plans to cut energy use per unit of gross domestic product by 20 percent between 2006 and 2010.
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