Related News
Industrial profits grow slowly
By Jin Jing |
November 28, 2011, Monday
|
Print Edition
Print Edition
CHINA'S industrial profits grew slowly in the first 10 months amid the worsening debt crisis in the European Union.
Net earnings among industrial companies rose 25.3 percent from a year earlier to 4.12 trillion yuan (US$646 billion) from January to October, according to a statement from the National Bureau of Statistics yesterday. The growth in profit is slower compared to the 27 percent gain for the first 9 months and 28.7 percent increase for the first half of this year.
The industrial revenue climbed 29 percent to 68.18 trillion yuan during the same period.
China's industrial sector has been losing steam this year as the debt crisis and austerity measures are capping demand in Europe, China's biggest market for exports.
A slower economic growth, fueled by a government crackdown on property speculation, also affected domestic consumption.
China's economic growth may slow to 9.2 percent this year from last year's 10.4 percent, Huang Libin, an official from the Ministry of Industry and Information Technology said last Thursday. The ministry also predicted the industrial sector may continue to moderate in 2012 by 1 to 2 percentage points from this year's 14 percent.
Over the 10-month period, profits climbed annually in 36 of the 39 major industrial sectors in the country. The profits in the non-ferrous metals smelting and processing industry's profits expanded 56.2 percent year on year and those in the oil and gas exploration sector rose 38.5 percent.
Meanwhile net earnings in the petroleum refining and nuclear-fuel processing sectors tumbled 90 percent while those of telecom equipment and other electronic devices manufacturing fell 2.3 percent and the power sector shrank 3.5 percent annually.
The preliminary reading for the HSBC Purchasing Managers' Index for November, released last Wednesday, fell to a 32-month low of 48. A reading below 50 indicates contraction.
Net earnings among industrial companies rose 25.3 percent from a year earlier to 4.12 trillion yuan (US$646 billion) from January to October, according to a statement from the National Bureau of Statistics yesterday. The growth in profit is slower compared to the 27 percent gain for the first 9 months and 28.7 percent increase for the first half of this year.
The industrial revenue climbed 29 percent to 68.18 trillion yuan during the same period.
China's industrial sector has been losing steam this year as the debt crisis and austerity measures are capping demand in Europe, China's biggest market for exports.
A slower economic growth, fueled by a government crackdown on property speculation, also affected domestic consumption.
China's economic growth may slow to 9.2 percent this year from last year's 10.4 percent, Huang Libin, an official from the Ministry of Industry and Information Technology said last Thursday. The ministry also predicted the industrial sector may continue to moderate in 2012 by 1 to 2 percentage points from this year's 14 percent.
Over the 10-month period, profits climbed annually in 36 of the 39 major industrial sectors in the country. The profits in the non-ferrous metals smelting and processing industry's profits expanded 56.2 percent year on year and those in the oil and gas exploration sector rose 38.5 percent.
Meanwhile net earnings in the petroleum refining and nuclear-fuel processing sectors tumbled 90 percent while those of telecom equipment and other electronic devices manufacturing fell 2.3 percent and the power sector shrank 3.5 percent annually.
The preliminary reading for the HSBC Purchasing Managers' Index for November, released last Wednesday, fell to a 32-month low of 48. A reading below 50 indicates contraction.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
