China’s private, smaller enterprises report faster industrial output growth

Via China Daily

A worker cuts part of a steel structure at Offshore Oil Engineering Co in Qingdao, Shandong province. [Photo/Xinhua]

BEIJING – China’s private and smaller industrial companies posted faster-than-average growth in industrial output during the first three quarters, an official said Tuesday.

Industrial output of private, small- and medium-sized industrial enterprises jumped by 8 percent and 7.1 percent, respectively, with a 5.6-percent increase in the entire industrial sector, Huang Libin, spokesperson with the Ministry of Industry and Information Technology, told a press conference.

Industrial output, officially called industrial value added, is used to measure the activity of enterprises with annual business turnover of at least 20 million yuan (about $2.8 million).

The industrial sector maintained overall stability, as the 5.6-percent increase in industrial output is within the government’s annual target of 5.5 to 6 percent and the decline in corporate profits has slowed down, Huang said.

In the first eight months, the profits of China’s major industrial firms dropped 1.7 percent and the decrease rate was 0.7 percentage points lower than that in the first half, data showed.

China will strengthen monitoring and analysis of economic development, expand domestic and overseas markets, effectively cope with the US-China trade tensions by providing precise assistance to affected enterprises, and continue to improve business environment, Huang said.

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