Industrial profit posts slower rise
Print Edition
CHINA’S industrial profit expanded 8.9 percent in May from a year earlier, moderating from April’s pace of 9.6 percent, the National Bureau of Statistics said yesterday.
Analysts said the performance was stable on the whole as an earlier survey showed China’s manufacturing rebounding.
Profit totaled 512.7 billion yuan (US$82.4 billion) last month, with net earnings of manufacturers in the first five months at 2.27 trillion yuan, up 9.8 percent year on year.
He Ping, a researcher at the bureau, said the slowdown in profit growth was mainly because of weaker performance in industries such as coal exploration and machinery equipment production.
“Overall, China’s manufacturing sector is stabilizing as the economy is stabilizing,” He said.
Profit in coal exploration dropped 50.6 percent in May, deteriorating further from the fall of 44.8 percent in April due to China’s move toward cleaner energies such as natural gas. Profit in machinery equipment grew 5.1 percent last month, 8.7 percentage points slower than that in April.
The sales growth of manufactured products eased 2.8 percentage points to 6.9 percent last month, another contribution to the profit moderation, He said.
Profit creation is still concentrated in just a few industries, the bureau reported. Those in automobiles, power generation, non-metal mine exploration and electronics made up 77 percent of the total.
Private businesses managed to expand their profit by 12.9 percent, the bureau said, while foreign-invested companies and those from Hong Kong, Macau and Taiwan saw a rise of 12.4 percent. State-owned enterprises saw a 3.4 percent rise in earnings, dragging down the average growth rate.
The HSBC Flash China Manufacturing Purchasing Managers’ Index, the earliest available indicator of the country’s industrial sector, climbed to a seven-month high of 50.8 in June, HSBC Holdings Plc and research company Markit said earlier this week.
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