BEIJING, Dec. 26 (Chinese media) -- China's major industrial firms reported 2.4066 trillion yuan (353.9 billion U.S. dollars) in profits in the first 11 months of this year, up 4.9 percent from the same period last year, the National Bureau of Statistics (NBS)said on Friday.
The growth was 31.8 percentage points lower than the same period of last year, or down 14.5 percentage points from the first eight months of this year.
Major industrial enterprises are defined as those with more than 5 million yuan in annual revenues from their main business.
Among them, the NBS said, state-owned industrial companies had combined profits down 14.5 percent to 798.5 billion yuan.
Oil and natural gas mining sector saw an increase of 37.2 percent in profits, while the coal sector reported a jump of 133.7 percent, followed by the building material sector with a growth of 27.7 percent in profits.
The power sector's profits fell 84.1 percent year-on-year, followed by chemical fiber sector with a drop of 74.9 percent, and non-ferrous metal and processing industry, which reported a drop of 34.1 percent in profits. The iron and steel sector recorded a decrease of 13.7 percent.
The oil refineries and coking plants reported a net loss of 126 billion yuan, as against a profit of 24.5 billion yuan in the same period of last year.
The NBS also said profits for privately-owned industrial firms were up 36.6 percent to 549.5 billion yuan, and foreign-funded companies down 3.1 percent to 637.4 billion yuan.
Cao Jianhai, research fellow with the Institute of Industrial Economy of the Chinese Academy of Social Sciences, attributed the unsatisfactory profit figures to substantially shrinking demand from abroad and sluggish needs at home.
Reduced demands have resulted in noticeable reduction in industrial sales, he said.
Ebbing profitability would discourage further corporate investment in the coming year, he added.
The Government should enhance support to industrial enterprises through tax cuts and other instruments, so as to lower corporate production costs, stabilize exports and expand domestic demand, Cao suggested.
China November consumer inflation eases to
2.4%
BEIJING, Dec. 11 (Chinese media) -- China's consumer price index
(CPI), the main gauge of inflation, rose at a slowing annual rate of 2.4 percent
in November, the National Bureau of Statistics (NBS) said here on Thursday. Full story
Rises in the CPI have now slowed for seven straight months
because of a sharp fall in world commodity prices and sluggish demand amid the
global financial crisis.
China GDP grew 9.9% in 1st three
quarters
BEIJING, Dec. 24
(Chinese media) -- A senior cabinet member supervising the national economy said here
on Wednesday that China's economy grew 9.9 percent in the first three quarters
of this year.
Zhang Ping, minister in charge of the National Development
and Reform Commission (NDRC), reported the implementation of the 11th Five-Year
Plan (2006-2010) on national economic and social development to the Standing
Committee of the National People's Congress (NPC). Full story
China's industrial output growth falls
to 5.4% in November
BEIJING,
Dec. 15 (Chinese media) -- China's industrial output rose 5.4 percent year on year in
November, 2.8 percentage points lower than October, the National Bureau of
Statistics (NBS) said on Monday.
The pace of growth, which decelerated for a fifth straight
month, was the lowest since January in 2001, when many factories shut down or
cut production for the traditional Spring Festival, according to statistics on
the NBS website. It was 11.9 percentage points lower than a year earlier. Full story
Official: China's industrial sector to
weaken further amid global downturn
BEIJING, Dec. 12 (Chinese media) -- China's industrial
sector will continue to suffer from the flagging world economy and the
technology sector and small businesses will require more support, a Chinese
minister said Friday.
"We estimate that the industrial sector has not bottomed
out yet," said Minister of Industry and Information Technology Li Yizhong at a
press conference. "The negative influence would further unfold in December and
in the first quarter of 2009." Full story
Industrial dynamic at core of China's
fight with economic slowdown
BEIJING, Dec. 6 (Chinese media) -- China's infrastructure construction has gone up a
gear after the massive capital input announced by central government at the
beginning of November. But still a number of industries are suffering the domino
effect of the deepening global financial crisis.
Henan Provincial Statistical Bureau chief Liu Yongqi said
that to give the Chinese economy "a boost strong enough", "the government needs
to optimize its investment to facilitate industrial dynamic so as to secure
production and employment." Full story
China PPI up 2% in Nov., lowest since
mid-2006
BEIJING, Dec. 10
(Chinese media) -- China's producer price index (PPI),a measure of inflation at the
factory level, decelerated sharply to an annual rise of 2 percent in November,
the National Bureau of Statistics (NBS) announced on Wednesday, prompting
worries about the fast-slowing economy and rising deflation risks. Full story
China PPI falls to 6.6 % in
October
BEIJING, Nov. 10 (Chinese media) -- China's producer price index
(PPI), rose at a slower annual rate of 6.6 percent in October, the National
Bureau of Statistics (NBS) announced on Monday.
The rise in factory gate prices was down from 9.1
percent in September and the 12-year high of 10.1 percent in August. Full story
China CPI eases to 4% in
October
BEIJING, Nov. 11 (Chinese media) -- China's consumer inflation
rose at a slower annual rate of 4 percent in October, giving the government more
room to ease macroeconomic controls to stimulate the economy.
Rises in consumer price index (CPI), the main gauge
of inflation, slowed for the six straight months. The figure, compared with 4.6
percent in September, 4.9 percent in August, 6.3percent in July, 7.1 percent in
June, and a nearly 12-year-high of8.7 percent in February, was broadly in line
with most forecasts. Full story
China's 4 trillion yuan stimulus to
boost economy, domestic demand
BEIJING, Nov. 9 (Chinese media) -- China said on Sunday it will
loosen credit conditions, cut taxes and embark on a massive infrastructure
spending program in a wide-ranging effort to offset adverse global economic
conditions by boosting domestic demand.
This is a shift long advocated by analysts of the Chinese
economy and by some within the government. It comes amid indications that
economic growth, exports and various industries are slowing. Full story
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