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Slower profit growth for Chinese manufacturers
By Wang Yanlin |
October 28, 2010, Thursday
|
Online Edition
Online Edition
PROFIT growth of China's industrial companies continued to moderate in September with rising production costs and a cooling manufacturing sector.
Net income of Chinese industrial companies rose 53.5 percent from a year earlier to 2.49 trillion yuan (US$372 billion) in the first three quarters, down from the pace of 55 percent through August, the National Bureau of Statistics said today.
"A slower profit growth in September is expected," said Li Maoyu, an analyst at the Changjiang Securities Co. "With the rising cost pressure and China's continued efforts to constrain polluting projects, the growth rate will weaken further in the rest months of this year."
Li had predicted the slowdown spiral will extend into the latter half of this year but in 2011 or 2012 when the country manages to shift its driving gear to domestic consumption, the rate may pick up again.
This profit figure covers state companies and private businesses with annual sales of more than 5 million yuan in 39 industries.
Net income of Chinese industrial companies rose 53.5 percent from a year earlier to 2.49 trillion yuan (US$372 billion) in the first three quarters, down from the pace of 55 percent through August, the National Bureau of Statistics said today.
"A slower profit growth in September is expected," said Li Maoyu, an analyst at the Changjiang Securities Co. "With the rising cost pressure and China's continued efforts to constrain polluting projects, the growth rate will weaken further in the rest months of this year."
Li had predicted the slowdown spiral will extend into the latter half of this year but in 2011 or 2012 when the country manages to shift its driving gear to domestic consumption, the rate may pick up again.
This profit figure covers state companies and private businesses with annual sales of more than 5 million yuan in 39 industries.
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