China's Industrial Efficiency Improved in First 8 Months

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Last updated at: (Beijing Time) Wednesday, September 25, 2002

China's Industrial Efficiency Improved in First 8 Months

China industrial sector continued to improve its efficiency during the first eight months of the year, the National Bureau of Statistics said on Tuesday.

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China industrial sector continued to improve its efficiency during the first eight months of the year, the National Bureau of Statistics said on Tuesday.

The composite index measuring the sector's economic efficiency reached 124.9 points during the period, an increase of 4.7 points compared with the same period last year.

During the January-August period, industrial businesses made net profits of 324.6 billion yuan (US$39.1 billion), an increase of 10 per cent from the same period last year.

The growth was mainly boosted by robust earnings from producers of transport equipment, coal, machinery, raw chemical materials and chemical products, said Xu Jianyi, deputy director of the bureau's Industrial and Transportation Statistics Department.

Figures from the bureau show that profits of transport equipment manufacturers rose 8.9 billion yuan (US$1.1 billion) during the January-August period, compared with last year, while coal producers' profits increased by 3.7 billion yuan (US$445 million).

Profits of chemical producers rose by 4.2 billion yuan (US$506 million) between January and August from a year earlier, while those of machinery producers climbed by 3.3 billion yuan (US$397 million).

Increased profits by the four sectors accounted for 68.1 per cent of total increased earnings in the industrial sector, the bureau said.

But profits by State-owned industrial firms and firms in which the State holds a majority stake dropped year-on-year by 4.1 per cent to 152.6 billion yuan (US$18.4 billion).

According to the bureau, the net loss suffered by money-losing companies was 83.6 billion yuan (US$10.1 billion) during the January-August period, a year-on-year increase of 1.9 per cent, which was better than an increase of 4 per cent during the first seven months.

During the first eight months, industrial enterprises handed in 381.2 billion yuan (US$45.9 billion) in taxes to the State, a year-on-year increase of 9.6 per cent.

Niu Li, a senior economist with the State Information Centre, said: "The improved performance of industrial enterprises was mainly because of better-than-expected industrial sales."

The sales income of industrial enterprises grew a year-on-year 14.1 per cent to almost 6,649 billion yuan (US$801 billion) because of increasing external demand and the central government's efforts to stimulate domestic investment and consumption.

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