August industrial enterprise profits first negative growth in two years

The National Bureau of Statistics recently released data showing that in August, industrial enterprises above designated size achieved a total profit of 482.56 billion yuan, down 0.6% year-on-year. The growth rate dropped 14.1 percentage points from July, which was the first negative growth since August 2012. From January to August, the industrial enterprises above designated size achieved a profit growth of 10%, and the growth rate dropped by 1.7 percentage points from January to July; the profit of main activities increased by 9.6%, and the growth rate dropped by 1.6 percentage points from January to July. .

Compared with July, the growth rate of industrial profits in August dropped significantly. Dr. He Ping from the Industry Department of the National Bureau of Statistics believes that there are five reasons: First, industrial production and sales growth slowed down. The added value of industrial enterprises above designated size increased by 6.9% year-on-year, and the growth rate dropped by 2.1 percentage points from July. The income from main operations increased by 4.7% year-on-year, and the growth rate dropped by 4.7 percentage points from July. Second, unit costs and expenses have risen from the downside. Again, the growth rate of investment income has declined. Fourth, the profit growth rate of steel, chemical, electronics and other industries has dropped significantly. Finally, the base figure was high in the same period last year.

However, the profit data of industrial enterprises in August is not a bright spot. First, the industry's profit differentiation has weakened. Secondly, the growth rate of state-owned enterprises' profit growth is smaller than that of joint-stock enterprises and private enterprises, indicating that the state-owned enterprises' operating conditions are gradually improving; once again, the company's ability to pay back has improved. At the end of August, the net amount of accounts receivable of industrial enterprises increased by 11.3% year-on-year, and the growth rate dropped by 0.6 percentage points from 11.9% at the end of July. Analysts believe that the profitability of industrial enterprises above designated size is expected to stabilize in the future.

"The pressure on business operations in the future is still relatively large, but compared with last year, it will remain stable overall." Wen Caixia, a senior researcher at the Telecommunication Planning and Research Institute of the Ministry of Industry and Information Technology, told the Economic Information Daily that the growth rate of industrial production in August suddenly fell. The important factor is that the excessive inventory growth in the early period has led to an increase in destocking pressure. From past experience, enterprises will go through a certain period of destocking, and in the current market demand is seriously insufficient, investment demand is declining, destocking or Will last longer. The August Manufacturing Purchasing Managers Index (PM I) and its new orders index all declined, reflecting the expected decline in market expectations. However, with the gradual exertion of reform policies, the effect of structural adjustment, the growth of high-tech industries, and the efforts to reduce the level of financing and reduce financing costs may increase, and in the case of overall stable production, enterprises The business situation will remain at a high level.

Liu Wei, vice president of Peking University, stressed to the "Economic Information Daily" reporter that although the current data decline should be taken seriously, it is more important to understand the relationship between structural adjustment and deepening reform. It should be noted that the decline in China's investment growth rate and the weak consumer demand are all caused by structural problems. It cannot be solved by macroeconomic policies alone. Development problems usually occur in the supply sector, and long-term conflicts and problem solving in the supply sector depend on structural upgrading. The structural upgrading is a result. Its driving force is institutional innovation. This is why the Third Plenary Session of the 18th CPC Central Committee proposed to comprehensively deepen the system reform at the new historical starting point. Reform is China's most fundamental institutional innovation.

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