China’s State Bureau of Statistics reported on May 27 that the total profit of state-run industrial enterprises with an annual income of more than 20 million yuan from January to April was 20.32 billion yuan. Sun Xiao, statistician of the Industry Department of the Bureau of Statistics, said that industrial production continued to recover in April, the trend of rapid growth in the income of industrial enterprises, and the decline in profits narrowed. He said that the income of state-owned industrial enterprises with an annual income of more than 20 million yuan increased by 3.7 percent in April from the same period last year. The growth rate is 3.1 per cent higher than that of March.
As per the data, the profit of these industrial enterprises declined by 18.2 per cent in April from the same period last year. The cut rate is 1 per cent less than in March. The profit of the chemical industry and the coal mining industry declined by 63.1 and 35.7 percent, respectively, in April due to a significant fall in product prices. At the same time, there was a huge increase of 29.8 percent in the profit of the equipment manufacturing business in April. The profit of the electricity, heating, gas and water production and supply business was 36.5 percent higher than the same period last year, with a growth rate of 8.9 percent higher than in March.
(Credits- China Media Group, Beijing)
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