Chinese Industrial Enterprise Profit Increases by 28.3% in 7 Months

Business News Agency reported on August 31 that China’s industrial company profits increased by 28.3% in the first seven months of this year compared with the same period of last year, supporting the expansion of China, the world’s fastest-growing economy.

The National Bureau of Statistics and Statistics of China announced on its website a few days ago that net income in the first seven months of this year has climbed by 2.8 trillion yuan (US$438 billion). The increase in June from January was 28.7%. The profits of Chinese industrial companies were 2.4 trillion *** in the first half of the year.

Due to the slowdown in the economic recovery in the United States and the fact that European officials are resisting the sovereign debt crisis, the demand for overseas exports to China is being affected. High profits may help maintain investment and prevent a slowdown in the economy that grew 9.5% in the second quarter.

"China is in a period of soft landings, blocking any sort of black-swan event like the disintegration of the euro zone," said Lu Ting, an economist at Merrill Lynch Bank of America. "Compared to the economic crisis, China has become less dependent on exports. ”

According to the statement of the day, the income of Chinese industrial companies rose by 29.8% to 45.9 trillion yuan in the seven months to July. The first half of the income was 38.9 trillion yuan***.

The drop in the prices of some commodities since April may help ease the cost pressures of engulfing corporate profits. Crude oil prices in New York have fallen by 25% since crude oil prices reached a maximum of $114 per barrel in 31 months since late April.