Chinese industrial enterprises’ gross profits down 0.8% in Jan-May
In the first five months of the current year, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 2.25476 trillion ($363.7billion), decreasing by 0.8 percent year on year, according to data released by China’s National Bureau of Statistics (NBS) on June 28.
Of the 41 major industrial sectors in China, in the first five months this year 29 sectors registered year-on-year increases in gross profit, while 10 sectors witnessed year-on-year decreases in gross profit. Meanwhile, one sector recorded a stable gross profit and one sector saw a shift from profit to loss, both compared to the same period last year.
In the January-May period this year, the aggregate gross profit of the ferrous metal mining industry in China was RMB 14.87 billion ($2.40 billion), decreasing by 46.6 percent year on year. Meanwhile, the aggregate gross profit of the ferrous metal smelting and processing industry in China was RMB 34.64 billion ($5.59 billion) in the given period, decreasing by 11.5 percent year on year. The aggregate gross profit of the metal product manufacturing sector in China in the first five months was RMB 68.81 billion ($11.11 billion), increasing by 9.8 percent year on year. In addition, in the given period, the total gross profit of China’s automobile manufacturing sector amounted to RMB 236.87 billion ($38.20 billion), indicating a year-on-year decrease of 1.9 percent, while the total gross profit of the country’s railway, ship, aerospace and transportation machinery and equipment manufacturing sector increased by 9.0 percent year on year to RMB 32.17 billion ($5.19 billion).