China industrial profit growth slowing
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Xinhua, November 27, 2011
China's industrial enterprises saw their profits increase 25.3 percent year-on-year in the first ten months of 2011, slowing down from the year's previously recorded figures, official data showed Sunday.
Growth in the January-October period was 1.7 percentage points lower from that of the first three quarters, the National Bureau of Statistics (NBS) said in a statement.
It marked a gradual downshift from the 34.3-percent year-on-year growth seen during the January-February period and the 28.7-percent growth seen during the first half of the year.
Profits realized in the first ten months amounted to 4.12 trillion yuan (650 billion U.S. dollars), the NBS said.
The NBS compiled the figures using data collected from a pool of industrial businesses with at least 20 million yuan in annual sales revenues each.
In October alone, industrial profits expanded 12.5 percent year-on-year to 438.3 billion yuan, the NBS said.
Among 39 industries surveyed, 36 sectors reported profit growth in the first ten months. The oil refining, coking and nuclear-fuel processing sector saw profit plunge 89.8 percent year-on-year.
Private businesses posted the fastest profit growth, with a year-on-year rise of 44.3 percent, followed by collectively owned enterprises of 33 percent, equity-holding companies of 30.3 percent, state-owned enterprises of 16.6 percent and overseas-funded firms of 11.6 percent.
China's industrial production growth rate will moderate due to economic turmoil in Europe and the United States and weakening domestic demand brought about by a tightened monetary policy, Huang Libin, an official with the Ministry of Industry and Information Technology, said last week.
China saw its economic growth slow to 9.1 percent in the third quarter of this year from 9.5 percent in the second quarter and 9.7 percent in the first quarter.
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