Latest News:  
Beijing   Sunny    24 / 12 ℃  City Forecast

English>>China Business

China industrial profits decline further in Aug

By Chen Jia and Shi Jing (China Daily)

13:34, September 28, 2012

An excavator assembly line in an industrial park in Qingdao, Shandong province. In August, industrial profits hit 381.2 billion yuan ($60 billion), down 6.2 percent year-on-year, the National Bureau of Statistics said on Thursday. [Photo/China Daily]

Chinese industrial businesses saw their profits fall by 6.2 percent year-on-year in August, marking their fifth consecutive monthly drop.

Observers said the disappointing results are likely to prompt the government to adopt stronger measures to boost economic growth.

Industrial companies with at least 20 million yuan ($3.17 million) in annual revenue saw their net income decrease to 381.2 billion yuan last month, according to data released by the National Bureau of Statistics on Thursday.

The August decline of 6.2 percent was the largest reported this year, compared with a 5.4 percent fall in July and a 1.7 percent decrease in June.

In the first eight months of the year, the companies had 3.06 trillion yuan in total profits, 3.1 percent less than in the same period of 2011, the bureau said.

The lower profits may continue to drag down entrepreneurs' confidence and suppress industrial operations in the fourth quarter, putting pressure on the government to stop the country's worst economic slowdown in 22 years, economists said.

"The industrial sector remains grim and GDP growth in the third quarter might slow to 7.3 percent year-on-year from the second quarter's 7.6 percent," said Huang Yiping, chief economist for emerging Asia at the investment banking division of Barclays Bank Plc.

During the first eight months of the year, State-owned industrial companies made 883.9 billion yuan, 12.7 percent less than that in 2011. Private-sector companies saw their profits increase to 945.4 billion yuan, up by 15.1 percent from a year earlier, the bureau said.

Among the 41 industries the bureau's survey considered, 16 saw their profits decline and one reported a loss, the statistical agency said.

【1】 【2】 【3】

News we recommend:
Toll fee exemption boosts auto rentals GDP may slow for 9th quarter China-ASEAN Expo increases trade volume
Expo gives evidence of manufacturing shift Chinese go online to buy latest iPhone Chinese winemakers demand anti-dumping
Logistics co-op needed in China, ASEAN  The global use of yuan increases New Deal to Boost Consumption


Leave your comment0 comments

  1. Name


Selections for you

  1. Editor's choice: Chinese Air Force test pilots

  2. North Korea's 'iPad' revealed

  3. New Deal to Boost Consumption

  4. Beigong Forest Park: Easy Escape

  5. Zhang Ziyi covers OK Jingcai magazine

  6. Spectacular scenery of dusk around world

Most Popular


  1. Human resources need more investment
  2. Japan should know facts rather than rhetoric prevail
  3. Be vigilant against resurgence of militarism in Japan
  4. Easy times gone for foreign firms in China
  5. Noda gov't in hot water as LDP eyes comeback
  6. White paper makes watertight case for Diaoyu claim
  7. Intl firms should learn from Chinese counterparts
  8. Aircraft carrier brings timely morale boost
  9. Palestine faces difficulties amid Arab upheaval
  10. Theft of Diaoyu Islands risks China-Japan trade ties

What's happening in China

High-speed rail linking Henan, Wuhan goes into operation

  1. Troop protect border, fisheries
  2. Vanishing languages saved for posterity
  3. Frontier patrols keep lid on rising trafficking
  4. Reading room available in every Chinese village
  5. China on orange alert for gales from typhoon

China Features

  1. Culture invasion? Starbucks kisses Buddha
  2. Public should enjoy more 'tourism benefits'
  3. Ancient villages face losing their souls
  4. Economic circles key to Sino-Japan relations
  5. How to pan for gold in cultural investment fever

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture