Industrial profits signal weakness
Print Edition
PROFITS of China’s industrial companies fell 8 percent from a year earlier to 850.7 billion yuan (US$136.3 billion) in December, compared with November’s 4.2 percent drop, indicating continued weakness in the economy, the National Bureau of Statistics said yesterday.
Overall last year, the profits increased 3.3 percent to 6.47 trillion yuan, compared with 2013’s 12.2 percent growth.
He Ping, a bureau researcher, said the December figure was the result of higher costs and cheaper prices.
“The prices set at the factory end dropped 3.3 percent last month due to weak demand, which led to a loss of 91 billion yuan in profits earned,” He said. In particular, the lower price of global crude oil had affected the performance of domestic oil and coal companies, which reported a reduction in their profits of 58.2 billion yuan.
However, He said manufacturers still saw profit growth in 2014 as a whole, and achieved faster expansion in some strategic industries.
Profits in equipment manufacturing rose 12.4 percent while those in high-tech manufacturing industries increased 15.5 percent.
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