China's Industry Performs Well in First Quarter

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Last updated at: (Beijing Time) Wednesday, April 17, 2002

China's Industry Performs Well in First Quarter

China's industry performed well in the first quarter of this year, with most industrial sectors reaping greater profits on a year-on-year basis. However, sectors like steel, cement and glass suffered from an oversupply, and the petro-chemical sector's profit plunge also resulted in the decline of China's overall economic profits.

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China's industry performed well in the first quarter of this year, with most industrial sectors reaping greater profits on a year-on-year basis, according to official sources.

The industrial added value increases 10.9 percent from the same period of last year, and the export delivery value 13.7 percent, said the State Economic and Trade Commission (SETC) Tuesday (April 16).

Sectors like electronics, medicine, basic resources, metallurgy, construction materials, mechanics, tobacco and textiles all recorded various degrees of increase in their respective industrial added values and export delivery values.

According to the forecast of an official from the SETC's Bureau of Economic Operations, this year's second quarter will see better overall economic performance and the industrial added value approximate to or even slightly higher than the first quarter, given a relatively steady international situation.

Some suffer from oversupply of goods

However, the official said although industry performed better than anticipated, sectors like steel, cement and glass suffered from a market glut, and the petro-chemical sector's profit plunge also resulted in the decline of China's overall economic profits.

China's coal industry saw a recovery in the first quarter, with both production and profits rising, but the SETC warned against an oversupply and called for an adjustment in the overall output in the second quarter.

The steel industry also saw an increase in output, but was confronted with grave exports and sliding profits, which, according to the SETC, would continue possibly till the second quarter.

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