China's industrial profits increased by 17.2% in January-February.

Abstract The National Bureau of Statistics of China recently announced that from January to February 2013, China's industrial enterprises above designated size achieved a profit of 709.2 billion yuan, an increase of 17.2% over the same period of last year and a substantial increase of 11.9 percentage points from the growth of 5.3% in December last year. But according to the economist...
China's National Bureau of Statistics recently announced that from January to February 2013, China's industrial enterprises above designated size achieved a profit of 709.2 billion yuan, an increase of 17.2% over the same period of last year and a substantial increase of 11.9 percentage points from the growth of 5.3% in December last year. However, according to economists, the sharp rise in industrial profits in the first two months was mainly due to the base and price. It does not mean that the manufacturing industry has shown a warming trend. From the perspective of the PMI index, China's manufacturing prospects in the first quarter and the overall economy can only be said to be cautiously optimistic.

Data show that from January to February 2013, China's industrial enterprises above designated size achieved a profit of 103.9 billion yuan over the same period last year. According to statistics, the profit of Chinese industrial enterprises increased from January to February 2013, mainly driven by the six industries of electricity, petroleum processing, steel, electronics, automobile and tobacco, with a contribution rate exceeding 80%. Among them, the contribution rate of electricity, petroleum processing and steel exceeds 50%. From the perspective of these three industries, the growth of industrial profits mainly comes from the fall of raw material prices. In fact, the Chinese manufacturing market is relatively sluggish and market expectations are also decreasing. Secondly, the profit growth of the electronics and automotive industries can reflect to some extent the current structural adjustment of the manufacturing industry, but it is relatively minor.

According to experts' prediction, China's GDP will increase by about 8% in the first quarter, up from 7.9% in the fourth quarter of last year. The situation in the second quarter is likely to be better than the first quarter. From January to February 2013, the added value of China's industrial enterprises above designated size increased by 9.9% year-on-year, and the growth rate dropped by 0.4 percentage points from December last year. As the economic boom picks up, foreign trade and consumption improve, and investment accelerates, industrial production growth is expected to accelerate, and industrial production will increase by about 10.5% in the second quarter.

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