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Industrial profits grow as recovery accelerates
By Wang Yanlin |
December 28, 2009, Monday
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Online Edition
Online Edition
PROFIT in China's industrial companies in the first 11 months expanded for the first time in a year, consolidating the recovery in the world's third-largest economy.
Net earnings of Chinese manufacturers rose 7.8 percent from a year earlier to 2.58 trillion yuan (US$377.7 billion) through November, the National Bureau of Statistics said today.
The rise followed a decline of 3.4 percent in the January-October period and contrasted sharply with a plunge of 37.3 percent in the first two months when China's economy was hit by the global financial crisis.
"The recovery in industrial profit is faster and stronger than our expectation," said Li Maoyu, an analyst at Changjiang Securities Co. "The power shortage seems to have limited impact on industry. With better conditions in the overall economy, we are optimistic the growth will continue."
In an interview last month, Li forecast it may take longer for profit to grow because China's energy firms have reduced gas supplies to industry after heavy snowfalls hit North China in November, instead meeting demand from household users.
The advance was led by private manufacturers whose profit jumped 17.4 percent year on year to 684.9 billion yuan during the period. Foreign-invested companies and those from Hong Kong, Macau and Taiwan reported their earnings increased 16.9 percent to 751.1 billion yuan.
Net earnings of Chinese manufacturers rose 7.8 percent from a year earlier to 2.58 trillion yuan (US$377.7 billion) through November, the National Bureau of Statistics said today.
The rise followed a decline of 3.4 percent in the January-October period and contrasted sharply with a plunge of 37.3 percent in the first two months when China's economy was hit by the global financial crisis.
"The recovery in industrial profit is faster and stronger than our expectation," said Li Maoyu, an analyst at Changjiang Securities Co. "The power shortage seems to have limited impact on industry. With better conditions in the overall economy, we are optimistic the growth will continue."
In an interview last month, Li forecast it may take longer for profit to grow because China's energy firms have reduced gas supplies to industry after heavy snowfalls hit North China in November, instead meeting demand from household users.
The advance was led by private manufacturers whose profit jumped 17.4 percent year on year to 684.9 billion yuan during the period. Foreign-invested companies and those from Hong Kong, Macau and Taiwan reported their earnings increased 16.9 percent to 751.1 billion yuan.
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