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May industrial profit down 5.3% from a year ago
By Wang Yanlin |
June 29, 2012, Friday
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Online Edition
Online Edition
CHINA'S industrial profit growth dropped to the slowest pace this year in May amid mounting concerns about the future trend of the world's second-largest economy.
Net earnings of Chinese manufacturers fell 5.3 percent from a year earlier to 390.9 billion yuan (US$62 billion) last month, the lowest this year, the National Bureau of Statistics said this morning.
In the first five months, the earnings decreased 2.4 percent to 1.84 trillion yuan, a sharp drop from last year's increase of 25.4 percent.
"Higher production costs, a stronger yuan, and a sluggish sales growth in both overseas and domestic markets led to deteriorating profitability of Chinese manufacturers," the bureau said.
Li Maoyu, an analyst at Changjiang Securities Co, said the worse-than-expected data indicates more stimulus measures are needed to sustain the growth.
"Manufacturing remains a vital sector in the Chinese economy although the development of service industry is encouraged in many regions right now," Li said. "Declining profits of industrial companies will dent people's confidence and drive small players elsewhere to seek better returns."
Net earnings of Chinese manufacturers fell 5.3 percent from a year earlier to 390.9 billion yuan (US$62 billion) last month, the lowest this year, the National Bureau of Statistics said this morning.
In the first five months, the earnings decreased 2.4 percent to 1.84 trillion yuan, a sharp drop from last year's increase of 25.4 percent.
"Higher production costs, a stronger yuan, and a sluggish sales growth in both overseas and domestic markets led to deteriorating profitability of Chinese manufacturers," the bureau said.
Li Maoyu, an analyst at Changjiang Securities Co, said the worse-than-expected data indicates more stimulus measures are needed to sustain the growth.
"Manufacturing remains a vital sector in the Chinese economy although the development of service industry is encouraged in many regions right now," Li said. "Declining profits of industrial companies will dent people's confidence and drive small players elsewhere to seek better returns."
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