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Last updated at: (Beijing Time) Friday, July 25, 2003

China Sees 57% Industrial Profits Growth in First Half Year

China's industrial enterprises reported a profit growth over 50 percent during the first half of this year, of which profits from state-owned and state share controlled companies rose over 70 percent, as known lately from the State Statistic Bureau.


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China's industrial enterprises reported a profit growth over 50 percent during the first half of this year, of which profits from state-owned and state share controlled companies rose over 70 percent, as known lately from the State Statistic Bureau.

During the first six months the nation's industrial sector realized a net profit totaling 363.8 billion yuan (US$43.8 billion), an increase of 131.7 billion yuan (US$15.9billion) or 56.7 percent over the same period of previous year. This includes 186 billion yuan (US$22.4 billion) net profit from state-owned enterprises and enterprises in which the State holds a majority share, an increase of 77.4 percent.

Most industrial sectors saw apparent profits increase and firms in red lost less. Among 39 industrial branches 37 realized profit growth, and those among the top ranks are: oil and gas tapping, 32.2 billion yuan (US$3.9 billion); manufacturing of transportation equipment, 20.2 billion yuan (US$2.4 billion); ferrous metal smelting, 14.9 billion yuan (US$1.8 billion); chemical raw material and products, 8.8 billion yuan (US$1.1 billion); electricity and power producing and supplying, 6.03 billion yuan (US$754 million). The above mentioned five sectors achieved a total profit growth of 82.1 billion yuan, accounting for 62.3 percent of the total number of profit growth across all industries. Firms in red lost a total of 63 billion yuan, 3.8 percent less than the previous year.

By PD Online Staff Li Heng


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