360° Coverage : China's industrial profit rise

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China's industrial profit rise
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China's industrial profit rise

Aug 27 2013, 4:42am CDT | by IANS

Beijing, Aug 27 (IANS) Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday.

Beijing, Aug 27 — Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday. The rise in...

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1 year ago

China's industrial profit rise

Aug 27 2013, 4:42am CDT | by IANS

Beijing, Aug 27 (IANS) Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday.

Beijing, Aug 27 — Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday.

The rise in the industrial profit points to further evidence of a firming economy.

The profits of industrial companies with annual revenues of more than 20 million yuan ($3.24 million) hit 419.55 billion yuan in July, Xinhua reported citing China's National Bureau of Statistics (NBS).

In the first seven months, their profits rose 11.1 percent to 3.0 trillion yuan.

Among the 41 industries surveyed, 27 posted year-on-year profit growth during the January-July period, while 11 saw a decline in profits.

Private businesses led the growth, with their combined profits up 15.4 percent year-on-year in the first seven months, while state-run enterprises saw profits up 5.5 percent during the period.

While acknowledging the acceleration of profit growth, NBS analyst He Ping also cautioned that the gains were concentrated in several sectors and the aggregate business profitability remained at a relatively low level as production costs keep climbing.

Electricity, heat production and supply industry saw profits jump to 73.5 percent in the first seven months, and manufacturers of computers, telecommunication and electronics saw their profits rise 29 percent.

Tuesday's data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world's second-largest economy may be gradually stabilising after a protracted slowdown.

HSBC's preliminary reading for China's manufacturing sector showed the Purchasing Managers Index rose to 50.1 in August, the highest level in four months.

"China has shown clear signs of stabilising and the country is on track to meet its annual growth target of 7.5 percent," NBS spokesman Sheng Laiyun said Monday.

China's economic growth eased to 7.5 percent in the second quarter, down from 7.7 percent in the first three months.

Instead of initiating a massive stimulus programme to lift the economy, the authorities are moving cautiously by speeding up shantytown renovation, accelerating railways and infrastructure investments and reducing taxes for small businesses.

As these policies filter through, China's economy is showing mounting signs of stabilisation that has prompted the scale-up of growth forecast for the second half of the year.

Deutsche Bank has recently raised its forecast for China's GDP growth in the second half to 7.7 percent from its previous estimate of 7.6 percent, and Credit Suisse tuned up the annual growth forecast from 7.4 percent to 7.6 percent.

IANS

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China police detain workers demanding back pay in rare case of detentions in labour dispute

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BEIJING, China – Activists say police in southern China have detained seven employees of a shoe factory amid a quarrel over back pay and benefits in a rare case of detentions in a labour dispute. Rights advocate Peng Jiayong said Wednesday that employees went to the Xinsheng shoe factory in Guangzhou on Monday after the local government promised a “satisfactory” solution to the dispute. They were met with about 200 hundred p ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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BERLIN – A leading anti-graft organization has criticized globally operating companies for failing to disclose important information that might help combat corruption. Berlin-based Transparency International says it reviewed 124 of the world’s biggest publicly traded companies and found that 90 don’t disclose the taxes they pay abroad. In a report published Wednesday, the group says 54 of the companies examined provided no information at all on their revenues ...
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Source: The Standard: China's Business Newspaper   Full article at: The Standard: China's Business Newspaper
 

 
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Obama to confront China's Xi on cyber spying - U.S. officials

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(Reuters) - U.S. President Barak Obama will confront Chinese President Xi Jinping at talks in Beijing next week over deep U.S. concerns about cyber spying by China’s government and military and will insist that it be stopped, senior U.S. officials said on Tuesday. The officials, briefing reporters before Obama’s trip to Beijing for an Asia-Pacific summit an ...
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TOKYO (Reuters) - Asian shares wilted on Wednesday as oil prices extended losses after weak economic data from China, while the dollar took a breather after this week's rally. ...
Source: Reuters India   Full article at: Reuters India
 

 
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Columbia Pacific Management of the U.S. is building two hospitals in China with an investment of up to $200 million, and plans to build more to tap demand from the country’s ...
Source: WSJ.com: Asia Home   Full article at: WSJ.com: Asia Home
 

 
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2 weeks ago

‘They Will Kill Your Baby in Your Face’—Chinese Activist Chen Guangcheng

Nov 4 2014 4:07pm CST | Source: Canada Free Press

WASHINGTON,—“In today’s China, under the communist rule, the government can put their hand into your body, grab your baby out of your womb, and kill your baby in your face.” These were the words of Nobel Peace Prize nominee Chen Guangcheng. Jailed, tortured and denied medical treatment for years in China, Chen exposed the rampant use of forced abortion and involuntary sterilization in the coercive enforcemen ...
Source: Canada Free Press   Full article at: Canada Free Press
 

 
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CHART: Despite Xiaomi's Explosive Growth, Samsung Is Still The Most Valuable Android Maker

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Source: Business Insider   Full article at: Business Insider
 

 
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2 weeks ago

Kerry Says U.S.-China Cooperation Is Essential

Nov 4 2014 2:44pm CST | Source: WSJ.com: Asia Home

Ahead of a presidential visit to China, Secretary of State John Kerry said Tuesday that it is imperative that Washington and Beijing work together on climate change and other areas, despite deep divisions on many issues, s ...
Source: WSJ.com: Asia Home   Full article at: WSJ.com: Asia Home
 

 
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2 weeks ago

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Nov 4 2014 2:40pm CST | Source: Fool.com

Lenovo just toppled Xiaomi as the world’s third largest smartphone maker. What should investors know about these two top smartphone makers fr ...
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