Industrial Profits Achieve 19% Growth in the First Eight Months      

China's industrial enterprises with an annual sales revenue exceeding RMB5 million in 2007 (the Enterprises) achieved a profit of RMB1.86 trillion in the first eight months of 2008, a year-on-year increase of 19.4%, lowering 17.6 percentage points, according to the National Bureau of Statistics of China.
   Analysts say more and more industrial sectors saw the profit reduction in the past few months.
   For these Enterprises, the profits accomplished by the state-owned and state-held enterprises were RMB677.0 billion, an increase of 0.7% year-on-year. The profits accomplished by foreign-funded firms and Hong Kong-, Macao- and Taiwan-invested companies were RMB499.3 billion, up 14.3% year-on-year. The profits from private firms were RMB389.2 billion, up 48.6%.
   The profits in the oil/gas recovery sector had an increase of 54.7% compared with the same period of 2007. The profits in the coal sector had an increase of 142.8%. The profits in the iron and steel sector had an increase of 31.5%. The profits in the chemical sector had an increase of 32.0%. The profits in the construction material sector had an increase of 40.3%. The profits in the special machine manufacturing sector had an increase of 20.2%. The profits in the communication/transportation equipment manufacturing sector had an increase of 35.1%. The profits in the telecommunication equipment manufacturing sector had an increase of 18.2%. The profits in the power generation sector had a drop of 81.6%. The profits in the nonferrous metal smelting and calendering sector had a drop of 7.4%. The profits in the chemical fiber sector had a drop of 47.1%.
   The oil processing and coking sector suffered a loss of RMB96.1 billion in the first eight months compared with a net profit of RMB32.3 billion in the same period of 2007.
   During January to August, these Enterprises gained the main-business revenue of RMB31.6 trillion, up 29.0%. These Enterprises paid a tax of RMB1.3 trillion, up 26.7%.