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Jilin Records Drastic Growth in Industrial Profit
The industrial sector in northeast China's Jilin Province reported a best quarterly profit- making record for the past five years, raking in 840 million yuan in net profit, or a profit of 1.44 billion yuan before deducting last year's losses.
The state sector and state holding enterprises enjoyed a net profit of 740 million yuan during the first three months of this year, compared with a net loss of 490 million during the same 1999 period.
Meanwhile, the industrial enterprises greatly sharpened their competitive edge in the market. By the end of March, the total assets of state-owned enterprises, state holding enterprises and enterprises with sales of over five million yuan each topped for the first time 300 billion yuan, an increase of 5.9 percent from the same 1999 period.
Most industrial sectors in the province reported noted upturn in economic performance in the quarter. Of the 39 major industrial sectors in Jilin, nine sectors reported net profit, compared with three during the same 1999 period. Sectors in transportation equipment, electronics and telecommunications equipment, chemical material and products, petroleum and natural gas prospecting, and food all enjoyed marked increase in economic efficiency.
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