Moscow, February 3 – “News.Economy.” Industrial enterprises of China has recorded an annual profit decline for the first time in four years.
Photo: EPA/QILAI SHEN
the Profits of industrial enterprises in China in 2019 decreased by 3.3% and amounted to 6,1996 trillion yuan ($897,96 billion), according to the National Bureau of statistics of China.
the Annual decline recorded for the first time in 2015, when profit fell by 2.3%.
Growth in manufacturing activity in China stayed at anarmani of Chinese growth may fall below 5% in the first quarter due to virusactivity withdraw workers from China amid the outbreak coronaviruses January-November, the total profits of industrial enterprises with annual revenue over 20 million yuan decreased by 2.1% compared to the same period last year.
In December, the profits of industrial enterprises fell by 6.3% yoy to 588,39 billion yuan ($85,22 billion).
the Reduction in net profit last year was mainly due to slowing sales and increasing costs for raw materials and labor, said senior statistician National Bureau of statistics of China Zhu Hong.
Profit in key industries such as metallurgy, petrochemicals and the automotive sector, has significantly decreased, said Zhu.
Profits of state-owned industrial enterprises in China in 2019 fell by 12%, while profits of private industrial enterprises increased by 2.2%.
Obligations of industrial enterprises grew by 5.4% yoy as of end of December, compared with growth of 5.3% at the end of November.
These data, however, do not reflect the impact of the proliferation of a new type of coronavirus in China.
As reported “Vesti.Economy”, economist, Academy of social Sciences of China Zhang Ming said that the pace of economic growth in China could fall to 5% or even lower due to the outbreak of caranaviRus, which may prompt the authorities to introduce additional stimulus measures. Text: News.Economy