SOEs see total profit fall 16.4% in 1st half
Source: Agencies |
July 21, 2012, Saturday
|
Print Edition
Print Edition
TOTAL profit for China's biggest state-owned companies fell 16.4 percent on an annual basis in the first half of this year as an economic slowdown deepened, the government said yesterday.
The squeeze for even China's biggest companies that benefit from low-cost loans highlights the extent of the deepest slump since the 2008 global crisis as exports and domestic demand weakened.
Combined profit for the 117 companies in the top tier of state industry fell to 387 billion yuan (US$61.4 billion) for the six months ended on June 30, the State-owned Assets Supervision and Administration Commission said in a one-sentence statement.
The statement said profit in June was up 8 percent compared with May but gave no indication whether the government saw that as a sign growth was reviving. It gave no details of individual companies.
China's economic growth slowed to a three-year low of 7.6 percent in the second quarter. Analysts said the decline probably has bottomed out but they said the strength of a possible recovery is uncertain.
China has cut interest rates twice since the start of June and is pumping money into the economy through higher investment by state-owned companies and more spending on low-cost housing and other public works.
Authorities are trying to use targeted measures instead of flooding the economy with money.
The squeeze for even China's biggest companies that benefit from low-cost loans highlights the extent of the deepest slump since the 2008 global crisis as exports and domestic demand weakened.
Combined profit for the 117 companies in the top tier of state industry fell to 387 billion yuan (US$61.4 billion) for the six months ended on June 30, the State-owned Assets Supervision and Administration Commission said in a one-sentence statement.
The statement said profit in June was up 8 percent compared with May but gave no indication whether the government saw that as a sign growth was reviving. It gave no details of individual companies.
China's economic growth slowed to a three-year low of 7.6 percent in the second quarter. Analysts said the decline probably has bottomed out but they said the strength of a possible recovery is uncertain.
China has cut interest rates twice since the start of June and is pumping money into the economy through higher investment by state-owned companies and more spending on low-cost housing and other public works.
Authorities are trying to use targeted measures instead of flooding the economy with money.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
