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在线翻译:
szdaily -> Business/Markets -> 
Industrial profits post 1st annual decline in 4 yrs
    2020-02-04  08:53    Shenzhen Daily

INDUSTRIAL firms in China posted their first annual decline in profits in four years in 2019, as the slowest economic growth in almost 30 years and a trade spat with the United States hit the country’s factories.

Official data released yesterday showed industrial profits declining 3.3 percent on an annual basis to 6.1996 trillion yuan (US$897.96 billion) in 2019, compared with the 2.1 percent dip in the January-November period, the National Bureau of Statistics (NBS) said on its website. It was first full-year decline since 2015 when profits fell 2.3 percent.

For the month of December, profits fell 6.3 percent from a year earlier to 588.39 billion yuan, erasing the gain seen in November, the data showed.

China’s economic growth cooled to its weakest in nearly 30 years in 2019 amid its trade tensions with the United States.

Analysts expect the government to step up liquidity and credit support for the economy but such measures are unlikely to turn the economy around in the first quarter of the year as the virus may further erode domestic demand.

The contraction in last year’s profits came mainly from slowing sales and increasing raw material and labor costs, Zhu Hong, an official with the statistics bureau, said in a statement released alongside the data.

Profits in key industries like steel, petrochemicals and automobiles fell markedly, said Zhu.

For the whole of 2019, profits at State-owned industrial firms dropped 12 percent, while private-sector profits rose 2.2 percent.

Liabilities at industrial firms grew 5.4 percent year on year at end-2019, versus a 5.3 percent increase as of end-November.

(SD-Agencies)

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