Industrial profits climb at slower pace
Print Edition
THE net profits of China’s industrial companies expanded at a slower pace last month after it returned to growth for the first time in seven months in April.
Net earnings of manufacturers totaled 520.7 billion yuan (US$83.8 billion) in May, up 0.6 percent from a year earlier, the National Bureau of Statistics said yesterday.
The pace eased from the increase of 2.6 percent in April, which reversed a drop of 0.4 percent in March.
He Ping, a bureau researcher, pinned the slower sales growth on the easing in profit rise.
“Notable signs of weakening were seen in power generation, automobile and beverages,” He said.
Zhu Haibin, chief economist at JPMorgan, said: “Although there are signs of recovery in the growth momentum seen in recent months, the recovery is not firm enough to achieve this year’s 7 percent growth target.”
Earlier data showed manufacturing activity may continue to improve in June. The HSBC Flash China Manufacturing Purchasing Managers’ Index, the earliest available indicator of the industrial sector, was 49.6 this month, slightly up from the final reading of 49.2 in May, according to HSBC and research firm Markit last week. But the index still pointed to contracted activity.
Last month, industrial production rose 6.1 percent, 0.2 percentage points faster than that in April.
China also unveiled its “Made in China 2025” vision last month, which aims to transform its manufacturing from simple production currently to advances in space, e-commerce, green energy and bio-engineering.
In the first five months of this year, industrial firms posted profits of 2.25 trillion yuan, down 0.8 percent from a year earlier.
Profits at state-owned manufacturers fell 23 percent year on year to 460 billion yuan in the January-May period. Private firms posted a 6.2 percent rise in profits totaling 786 billion yuan in the same period.
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