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Fall in industrial profits narrows
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NET profits of China’s industrial companies fell 1.4 percent year on year in November, slowing from a 4.6 percent drop in October, the National Bureau of Statistics said yesterday.
The companies posted net earnings of 672 billion yuan (US$106 billion) last month.
A rise in sales and lower operating costs helped narrow the decline in net profits, said He Ping, a researcher at the bureau. Manufacturing sales grew 1 percent year on year in November, reversing a drop of 1.4 percent in October. Operational costs dipped 0.03 yuan from a year earlier to 84.94 yuan per 100 yuan of sales, compared with a rise of 0.04 yuan in October.
November’s data indicated growth in industrial production, especially in autombile output and power generation, as well as in retail sales accelerated last month, while fixed-asset investment continued to rise.
Industrial output accelerated to its quickest rate since June by rising 6.2 percent. Car production powered 13 percent last month, a sharp acceleration from the 7.3 percent growth in October, due partly to lower purchase tax on green and small vehicles. This helped profits of the automobile industry jump 35 percent last month. Power generation output surged 51 percent partly on more demand for heating fuel in the winter.
In the January-November period, profits of manufacturing firms totaled 5.54 trillion yuan, down 1.9 percent year on year while they shrank 2 percent in the first 10 months.
China’s gross domestic product rose 6.9 percent in the first three quarters, with the third-quarter rate of 6.9 percent being the slowest since 2009.
China may lower the target for economic growth next year to 6.5 percent from around 7 percent this year, according to economists.
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