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Dr. He Ping from the Industry Department of the National Bureau of Statistics said that from the overall situation from January to October, China's industrial profits still maintained a certain growth, and the profit rate remained stable and slightly rising. This shows that China's industrial economic efficiency is still in a stable state under the new normal.
China's National Bureau of Statistics released data on the 27th that in October 2014, China's industrial enterprises above designated size achieved a total profit of 575.47 billion yuan (RMB, the same below), down 2.1% year-on-year, while the data in September increased by 0.4%. From January to October, China's industrial enterprises above designated size achieved a total profit of 494.46 billion yuan, a year-on-year increase of 6.7%, and the growth rate dropped 1.2 percentage points from January to September.
From January to October, among the 41 major industrial sectors, the total profit of 33 industries increased year-on-year, and 8 industries declined. Among them, the general equipment manufacturing industry increased by 11%, the automobile manufacturing industry increased by 19.6%, the electrical machinery and equipment manufacturing industry increased by 16.7%, the computer, communications and other electronic equipment manufacturing industry increased by 23.7%, and the electric power, thermal production and supply industries increased by 19.7%. The coal mining and washing industry fell by 45.2%, the oil and gas exploration industry fell by 11.5%, and the petroleum processing, coking and nuclear fuel processing industries fell by 11.2%.
He Ping said that the reason why China's industrial profits fell in October was mainly due to the following reasons:
The lack of market demand has led to a slowdown in production and sales. In October, the added value of industrial enterprises above designated size increased by 7.7% year-on-year, with a growth rate of 0.3 percentage points lower than that in September; the main business income increased by 5.3%, and the growth rate was a low level in the previous 10 months.
The cost rises faster than sales growth. Although the price of raw materials has declined, due to the rising rigidity of labor costs, the growth rate of enterprise costs is faster than the growth rate of main business income. In October, the cost of the main business of the company increased by 5.9% year-on-year, and the growth rate was 0.6 percentage points faster than the main business income; the cost per 100 yuan of main business income was 85.86 yuan, an increase of 0.44 yuan.
Lower prices have squeezed profit margins. According to preliminary estimates, in October, due to the 2.2% year-on-year decline in the ex-factory price of the products, the main business income of the company decreased by about 216 billion yuan, while the purchase price of raw materials decreased by 2.5%, and the cost of the main business decreased by about 156 billion yuan. The net profit reduction was about 60 billion yuan, which had a significant impact on the decline in profit growth.
He Ping said that although in October, the profits of traditional upstream energy and raw materials industries such as coal, oil and natural gas exploitation, ferrous metal ore, petroleum processing, building materials and steel fell significantly; but food, textile and clothing, sports and entertainment products, chemicals, medicine, and automobiles. The profits of industries that meet the needs of domestic consumption or transformation and upgrading have maintained rapid growth. This shows that the official series of policies to adjust structure, promote transformation, improve quality and efficiency are gradually playing a role.
Abstract Under the double squeeze of rising costs and slow sales, the monthly data of Chinese industrial enterprises' profit has once again dropped. Dr. He Ping from the Industry Department of the National Bureau of Statistics said that from the overall situation from January to October, China's industrial profits still maintained a certain growth, and the profit rate remained stable and slightly rising...
Under the double squeeze of rising costs and slow sales, the monthly data of China's industrial enterprises' profit has once again fallen.