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Industrial profits drop again in June
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PROFITS of China's industrial companies dropped again in June after a brief rebound in the previous two months, giving a blow to the hopes of an economic stabilization.
Net earnings of manufacturing companies amounted to 588.5 billion yuan (US$94.9 billion) last month, down 0.3 percent from a year earlier, according to the National Bureau of Statistics today.
That meant a return to contraction from the expansion of 0.6 percent in May and the increase of 2.6 percent in April.
He Ping, a researcher at the bureau, said profit growth remained "largely stable" and three main factors led to the decrease in June.
"The factory-gate prices fell notably last month, which was a direct cause of the drop," He said. "Meanwhile, more production costs and a higher comparative base also contributed to the drop."
Zhu Haibin, chief economist at JP Morgan, said the data raised the concern about the sustainability of growth recovery in the rest of the year.
"China's economic growth stabilized in the second quarter, but the improvement in the headline figures seemed to hide the structural challenges faced by the economy," Zhu said.
"In particular, the growth recovery in the second quarter was mainly driven by the service sector, while the manufacturing growth during January and June continued to trend downward."
China's economic performance surprised the market on the upside by rendering a 7-percent increase in the second quarter, versus the previous market expectation of a 6.8-percent rise that was below the full-year target of 7 percent.
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