• About
  • Privacy & Policy
  • Contact Us
Procurement Nation
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Cryptocurrency
  • Contact Us
No Result
View All Result
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Cryptocurrency
  • Contact Us
No Result
View All Result
Procurement Nation
No Result
View All Result

China’s industrial profits growth accelerates in Oct

Mark White by Mark White
November 27, 2021
in Supply Chain
0


A worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS/File Photo

Register now for FREE unlimited access to reuters.com

BEIJING, Nov 27 (Reuters) – Profits at China’s industrial firms grew at a faster pace in October, the statistics bureau said on Saturday, providing a buffer for a faltering economy battered by soaring raw material prices.

Profits in October rose 24.6% from a year earlier to 818.7 billion yuan ($128.1 billion), the official data showed, quickening from a 16.3% gain reported in September.

For the January-October period, industrial firms’ profits rose 42.2% year-on-year to 7.2 trillion yuan, slower than a 44.7% rise in the first nine months of 2021.

Register now for FREE unlimited access to reuters.com

The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.

Government efforts to ensure supply and stabilize prices helped companies mitigate difficulties, which in turned helped improve production conditions and profits, said Zhu Hong a senior statistician at the National Bureau of Statistics.

However, he said profit differentiation between upstream and downstream industries had not significantly improved, with downstream industries still facing pressures on their profitability.

Prices in China have surged amid a power crunch and Beijing has been trying to cool a red-hot market for coal, the country’s main fuel for power generation. read more

However, an official from China’s state planner said last Sunday that “energy prices including, coal prices have fallen significantly” and have pushed down prices for steel, aluminium, pulp, PVC and coal chemical products.

The world’s second-largest economy staged an impressive rebound from last year’s pandemic slump, but has since lost momentum as it grapples with a slowing manufacturing sector, debt problems in the property market and COVID-19 outbreaks.

China’s industrial output grew faster than expected in October but remained the second lowest print this year. read more

On Friday, China’s Ministry of Industry and Information (MIIT) Technology held a meeting with representatives from industry associations and companies including Aluminium Corp of China and China Minmetals Corp to discuss issues in the raw materials industry, it said in a Saturday statement on its official WeChat account.

The development of the upstream and downstream should be better coordinated to ensure the stability of the supply chain, and the industry’s risk response capabilities should be strengthened to prevent “grey rhino” and “black swan” incidents, it quoted MIIT vice minister Wang Jiangping as saying.

The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.

($1 = 6.3924 Chinese yuan)

Register now for FREE unlimited access to reuters.com

Reporting by Albee Zhang and Brenda Goh; Editing by Sam Holmes and William Mallard

Our Standards: The Thomson Reuters Trust Principles.



Source link

Previous Post

Supply Chain Shortages Are at Historic Levels. Will They Peak Before Christmas? – Bloomberg

Next Post

Truckers confront supply chain 'constipation' – Reuters

Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

Next Post
Truckers confront supply chain 'constipation' – Reuters

Truckers confront supply chain 'constipation' - Reuters

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About
  • Privacy & Policy
  • Contact Us
Call us: +1 234 JEG THEME

© 2021 Procurement Nation - Supply Chain & Logistics News

No Result
View All Result
  • Procurement
  • Supply Chain
  • Logistics
  • Science
  • Technology

© 2021 Procurement Nation - Supply Chain & Logistics News