Home / News Type Content Tools: Save | Print | E-mail | Most Read | Comment
Industrial Profit Growth Starts to Slow
Adjust font size:  ZoomIn ZoomOut

Industrial enterprises reported profits rising 39.7 percent year-on-year during the January-July period, the National Bureau of Statistics (NBS) announced on Tuesday. The growth rate was 1.9 percentage points lower than in the first six months.

During the seven months, industrial firms paid 483.6 billion yuan (US$58.3 billion) in taxes to the state, an increase of 22 percent from a year ago.

Net losses were 76.2 billion yuan (US$9.2 billion), up 7.4 percent.

The slower profit growth suggests that the central government's economic restraint measures are working, according to Zhang Liqun, a senior researcher with the State Council Development Research Center.

These measures, implemented since?the second half of last year, have included raising bank reserve requirements three times and curbing unwanted fixed asset investment projects.

"The measures should have a great impact on companies’ profit growth," Zhang said.

Niu Li, a senior economist with the State Information Center, said the shrinkage in fixed asset investment growth resulted in a drop in overall demand, which had an impact on the companies' profits.

“A price drop in raw materials also led to a decline in profit growth,” said Niu.

Profits earned by the steel industry, a sector targeted by the government in its drive to reduce investment, rose 71.2 percent in the first seven months, 9.2 percentage points lower than growth in the first six months, according to the NBS.

Profits made in the non-ferrous metal industry rose 91.5 percent year-on-year during the period, 14.1 percentage points lower than in the first six months.

Niu indicated that profit growth was still good, but that the government should be alert for a rebound in fixed asset investment and raw material prices.

Fixed asset investment rose in July, but Zhang pointed out that a single month's figures did not indicate stability. He advised watching the figures over the next several months. He remains concerned that the slowdown could become excessive.

The government wants to bring economic growth down from the current levels, where many resources such as oil have been constrained, but needs it to stay above 7 percent to generate enough jobs.

China's second-quarter gross domestic product climbed 9.6 percent year-on-year, following a 9.8 percent rise in the first quarter.

"The national economy retained its stability and fast growth, and economic efficiency improved continuously. . . . Individual income rose noticeably," said NBS spokesman Zheng Jingping.

Zheng indicated that uncertain and unhealthy factors in China's economic performance have been put under initial control, but the government should be aware that some prominent problems in the economy have not been fundamentally rooted out.

Energy and transportation bottlenecks and persistently rapid growth in fixed asset investment in some sectors are still troubling, he said.

Yuwa Hedrick-Wong, an economic advisor for MasterCard International's Asia-Pacific region, believes that the Chinese economy will continue to develop solidly in the coming months. GDP growth should fall from 11 percent to 9 percent, shifting from acceleration to cruise.

(China Daily August 25, 2004)

 

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Industrial Profits up in August
- NBS: Industrial Profit Growth Lowered in May
- Industrial Firms Earn More Profits: NBS Statistics
- Industrial Profits Rise Rapidly: NBS
Most Viewed >>
- World's longest sea-spanning bridge to open
- Yao out for season with stress fracture in left foot
- 141 seriously polluting products blacklisted
- China starts excavation for world's first 3G nuclear plant
- Irresponsible remarks on Hu Jia case opposed 
- 'The China Riddle'
- China, US agree to step up constructive,cooperative relations
- FIT World Congress: translators on track
- Christianity popular in Tang Dynasty
- Factory fire kills 15, injures 3 in Shenzhen

Product Directory
China Search
Country Search
Hot Buys
主站蜘蛛池模板: 黑人操亚洲美女| 国产日韩美国成人| 国产成人综合亚洲| 国产chinese91在线| 人妖欧美一区二区三区四区| 亚洲av永久无码精品天堂久久| 中文字幕日韩专区| 51国产黑色丝袜高跟鞋| 色综合小说久久综合图片| 琪琪女色窝窝777777| 最新中文字幕一区| 天天干天天拍天天射| 国产大片91精品免费观看男同| 人妻少妇偷人精品无码| 久久婷婷五月综合97色直播| eeusswww电影天堂国| 麻豆人人妻人人妻人人片AV| 男人桶女人视频不要下载| 日本高清视频色wwwwww色| 在线观看黄的网站| 国产一级片免费看| 亚洲啪啪综合AV一区| 一个人看的视频在线| 黄在线观看网站| 欧美黑人xxxx性高清版| 我被丝袜长腿美女夹得好爽| 国产精品一区亚洲一区天堂 | 制服丝袜自拍偷拍| 亚洲中文字幕久久精品无码喷水| 中文japanese在线播放| caoporn97在线视频| 狼人香蕉香蕉在线视频播放| 日本不卡在线观看| 国产精品狼人久久久久影院| 北条麻妃一本到高清在线观看| 久久综合狠狠色综合伊人| 99精品国产在热久久无码| 美女尿口扒开图片免费| 日韩人妻无码精品专区| 国产美女久久久| 偷炮少妇宾馆半推半就激情|