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China industrial profit rises 9.8%
June 27, 2014, 7:38 am

Total profits of industrial companies with annual business revenue of more than 20 million yuan ($3.2 million) reached 2.28 trillion yuan from January to May [Xinhua]

Total profits of industrial companies with annual business revenue of more than 20 million yuan ($3.2 million) reached 2.28 trillion yuan from January to May [Xinhua]

China’s industrial businesses saw their profits rise by 9.8 per cent from a year ago in the first five months of 2014, the National Bureau of Statistics (NBS) said on Friday.

Industrial profits continued to rise in the first five months but growth was slightly down from the Jan.-April period.

Total profits of industrial companies with annual business revenue of more than 20 million yuan ($3.2 million) reached 2.28 trillion yuan from January to May.

Profit growth was 0.2 percentage points down from the 10-per cent year-on-year increase recorded in the first four months and 10.1 per cent in the first quarter, data showed.

Growth was generally satisfactory compared with that of January and February when disappointing economic indicators, including exports and PMI, stirred concerns over the economic outlook.

Growth in the manufacturing sector continued to accelerate in May, hitting a five-month high; China’s exports also picked up in May by a seven-percent year-on-year increase, reversing weak performances in previous months.

Chinese Premier Li Keqiang had said during his UK visit earlier this month that China’s economy would not suffer a hard landing and would continue to grow at a medium to high pace in the long term without strong stimulus.

“There have been some discussions saying that the Chinese economy is slowing down, they are worried whether the Chinese economy will head to a hard landing. Here I will be very frank and I will also make this point very solemnly: this will not happen,” Li said.

 

Source: Agencies

 

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