China's Industrial Profit Continues to Grow

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Last updated at: (Beijing Time) Tuesday, August 27, 2002

China's Industrial Profit Continues to Grow

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The National Bureau of Statistics (NBS) announced Monday that China's industrial enterprises generated total profits of 275.7 billion yuan (33.2 billion US dollars) in the first seven months of this year, up 8.1 percent over the same period last year.

The growth rate was three percent faster than in the corresponding period of last year.

NBS statistics showed the net profits of state-owned and state-owned share-holding enterprises stood at 129.3 billion yuan (15.6 billion US dollars), down 6.7 percent from the corresponding period last year. But the decrease was 4.5 percent slower than in the first half of the year.

The NBS said the economic efficiency of Chinese industries continued to grow and production and sales improved.

From January to July, the composite index of enterprise efficiency rose to 124.3 points, up 4.3 points from the same period last year.

NBS figures showed sales by industrial enterprises amounted to 5,734.2 billion yuan (690.9 billion US dollars) from January to July, up 13.6 percent over the same period last year. The inventory of finished products valued at 728.3 billion yuan (87.7 billion US dollars) at the end of July, a year-on-year increase of2.3 percent.

The profits of transport equipment manufacturing and coal mining industries jumped more than 10 billion yuan (1.2 billion US dollars) in the first seven months, accounting for over half of the profits of all industrial enterprises.

Statistics showed the losses of loss-incurring enterprises was 74.5 billion yuan (nine billion US dollars) in the first seven months, up four percent over the same period last year. The growth rate of losses was 5.8 percent lower than in the same period last year.

From January to July, taxes paid by industrial enterprises totaled 331.9 billion yuan (40 billion US dollars), up 9.5 percent over the same period last year.

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