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Industry profits gain 81% through May
By Wang Yanlin |
June 25, 2010, Friday
|
Online Edition
Online Edition
PROFIT at China's industrial companies rose 81.6 percent from a year earlier in the first five months, a record high for the same period in the past decade, the National Bureau of Statistics said today.
Robust business revenues and a low comparative base were cited as major contributors to the profit increase, the bureau said, while analysts expected the growth to moderate as the pace of manufacturing output slows.
Net earnings of Chinese manufacturers settled at 1.54 trillion yuan (US$226.1 billion) through May, and the annualized growth rate compared with a surge of 91.5 percent in the first four months and a climb of 102.6 percent in the first quarter.
The bureau said sales of China's industrial companies advanced 38 percent year on year in the first five months, giving a major boost to the profit increase, while a low comparative base also contributed to the figure.
"China's industrial production has moderated in growth to prevent overheating," said Li Maoyu, an analyst at Changjiang Securities Co. "With outlook of exports turning murky, it is likely to see more easing in China's manufacturing sector and less profit coming out of it."
China will scrap tax rebates for 406 types of exports, including some steel and nonferrous metal products, fertilizers, plastic, rubber and glass products, effective July 15.
Robust business revenues and a low comparative base were cited as major contributors to the profit increase, the bureau said, while analysts expected the growth to moderate as the pace of manufacturing output slows.
Net earnings of Chinese manufacturers settled at 1.54 trillion yuan (US$226.1 billion) through May, and the annualized growth rate compared with a surge of 91.5 percent in the first four months and a climb of 102.6 percent in the first quarter.
The bureau said sales of China's industrial companies advanced 38 percent year on year in the first five months, giving a major boost to the profit increase, while a low comparative base also contributed to the figure.
"China's industrial production has moderated in growth to prevent overheating," said Li Maoyu, an analyst at Changjiang Securities Co. "With outlook of exports turning murky, it is likely to see more easing in China's manufacturing sector and less profit coming out of it."
China will scrap tax rebates for 406 types of exports, including some steel and nonferrous metal products, fertilizers, plastic, rubber and glass products, effective July 15.
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