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Industrial profits drop in 2015

By Wang Yanlin | January 27, 2016, Wednesday | Online Edition

PROFITS of China’s industrial companies contracted 2.3 percent from a year earlier in 2015, a sharp deceleration from the increase of 3.3 percent in 2014, according to the National Bureau of Statistics today.

Net earnings of manufacturers totaled 6.35 trillion yuan (US$963 billion) last year, with notable profit slowdown in industries including raw materials and mining.

In December alone, profits lost 4.7 percent to 816.7 billion yuan, compared with the cut of 1.4 percent a month earlier.

He Ping, a researcher at the bureau, said weak demand in both home and abroad is a major reason for the downfall, coupled with still high operational costs.

“Despite of general profit loss, China has made significant progress in industrial upgrading, with profits of high-tech manufacturing rising 8.9 percent, consumer goods manufacturing increasing 7 percent and machinery equipment up 4 percent,” He said.

Last year, state-owned manufacturers made a profit of 1.09 trillion yuan, down 21.9 percent year on year. Private companies did much better, with a total profit of 2.32 trillion yuan, up 3.7 percent. Foreign-invested companies and those from Hong Kong, Macao and Taiwan reported their profit edged down 1.5 percent to 1.6 trillion yuan.

Of the 41 industries being tracked, 29 said their profits were still expanding with the rest 12 reported profit loss.

Last year, China unveiled its “Made in China 2025” vision, which highlighted the next stage of its manufacturing sector from plain production to advanced ones in space, e-commerce, green energy and bio-engineering. It will drive future profits of China’s manufacturing, He said.

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