The National Bureau of Statistics released data today showing China's industrial profits continued shrinking in the first four months of the year with significant decrease in the steel and iron sectors and improvements in non-ferrous metal, oil refinery and other sectors.
Industrial profits totaled 487.3 billion yuan, down by 27.9 percent year-on-year. The slowdown was 4.3 percentage points lower than that of the first quarter.
However, revenue from main operations of the industry dropped faster. The nearly 11 trillion yuan revenue represented a 0.8 percent downturn, which was 0.1 percentage point more than that of the first quarter.
The steel and iron sector, in particular, suffered a drop of 97.5 percent in its profits, contrasting against better performance in twenty-three sectors compared with the 39 categories of the first quarter.
Manufacturing and processing of non-ferrous metals made 3.8 billion yuan more profit than that of the first quarter. Profits of oil refinery and coking surged 181 percent from January to April over the same period last year.
Power industry made profits of 2.2 billion yuan, compared with a loss of nearly 1.4 billion yuan in the first quarter. Special purpose manufacturing equipment experienced a profit increase of 2.2 percent, which was 1.6 percentage points higher than that of the first quarter.
There was a smaller slowdown in chemical fiber and transportation equipment manufacturing.
The accounts payable reached 3.1 trillion yuan, up by 7 percent, which was at the same level of the first quarter.
Capital of manufactured goods grew by 7.5 percent in the first four months, which was 2.9 percentage points lower than that of the first quarter.
By People's Daily Online