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 | Monday, May 01, 2000, updated at 10:42(GMT+8) | ||||||||||||
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Light Industry Presses Ahead in First QuarterLight industry leaped onto the revival track the first three months of this year partly due to favourable government policies, the State Bureau of Light Industry has said.The first quarter output of the industry soared by 10.8 per cent to 135.763 billion yuan (US$16.36 billion), which laid a solid basis for this year. About 94.41 per cent of the products were sold, 7.06 percentage points higher than during the same period in 1999. Holiday consumption - Spring Festival fell in February this year -contributed much of the growth, officials said. But the hike also was attributed to policies adopted since last year that enlarged domestic demand, limited total output, reduced surplus production capacity and eliminated outdated equipment. As a result, enterprises, such as electrical appliances, pulp and paper, and liquor making, witnessed a profits increase. Unprofitable businesses, including the sugar industry, managed to reduce their deficits. Overall, 4,702 enterprises were hit with losses of 2.023 billion yuan (US$24.4 million) in the January-March period, 20.23 per cent higher than during the same period last year. Statistics show major products such as canned food, milk, air-conditioners and freezers all added to their output. Sugar, beer and liquor saw a reduction in their production.
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