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BEIJING, April 27 () -- Profits for Chinese chemical producers, automakers and other major industrial companies fell 1.3 percent in the first three months of 2012 from the same period last year, China's statistical authority said Friday.The figure compared to a 5.2-percent decline in the first two months.Total profits for the largest industrial companies, or those with annual revenues above 20 million yuan (3.17 million U.S. dollars), stood at 1.04 trillion yuan during the first three months, the National Bureau of Statistics (NBS) said in a statement on its website.Rising purchase prices, weak sales growth and increasing manufacturing costs caused the profit decline, according to He Ping, an official from the NBS.He said the price factor reduced total profits by about 101.6 billion yuan, dragging down profits of the largest industrial companies by 9.3 percentage points.From January to March, the main business revenue of major industrial companies rose 14.1 percent from a year earlier, 0.7 percentage points higher than the first two months but 13.1 percentage points lower than the growth in 2011.Due to surging prices of raw materials and labor, costs rose by 0.67 yuan per 100 yuan of main business income, while expenses on marketing, management and financing rose unexpectedly faster than growth of the main business income, noted He.The statement said that in March alone, industrial profits rose 4.5 percent to 438.9 billion yuan from the same period of last year.The NBS official attributed the growth to a rebound in production and sales, the weakened impact of price fluctuations and an increase in non-operating revenues during the month.State-owned and state-controlled enterprises saw their profits fall 12.4 percent from one year earlier to 317.2 billion yuan in the first quarter, while private companies' profits grew 22.4 percent during the same period.Out of 41 industry categories, 27 reported a year-on-year increase in profits, 11 saw profits fall, one returned to profitability, one turned into losses and one saw losses grow.The ferrous metal sector was hit hardest, with profits slumping by 83.5 percent. Chemical raw materials and product manufacturing industries suffered a 23.1-percent drop in profits.Oil refining, coking and nuclear fuel processing companies also saw profits turn to losses, according to the statement.Profits in the power generation sector, however, increased by 28.3percent. The country's oil and gas exploration industry witnessed a 10.6-percent rise in profits, according to the statement.The benchmark Shanghai Composite Index fell 0.35 percent on Friday as the market was overshadowed by declining earnings at major industrial companies.Facing slackened exports, China's manufacturing activity picked up momentum in April but still remains below the boom-or-bust level, according to a reading of the manufacturing purchase manager index released by HSBC on Monday.Meanwhile, the country saw surpluses under both the current account and financial account in the first quarter of this year, said the country's foreign exchange regulator on Thursday .China's economy expanded 8.1 percent year-on-year in the first quarter of 2012, marking the fifth consecutive quarter of decline. Authorities are targeting a 7.5-percent increase for this year's gross domestic product.Standard Chartered issued a statement to say it believed the Chinese government would further relax monetary policy in the future to boost the weakened domestic demand.The relaxed policy will include cutting the required reserve ratio by four times within the year, each time by 50 basis points, forecast the bank.The country has cut the reserve requirements for some county-level financial institutions by 100 basis points, sources said earlier this month.The favorable reserve ratios, effective on April 1, will end on March 31, 2013.
Li Yuanchao, member of the Political Bureau of the Communist Party of China (CPC) Central Committee, secretary of the Secretariat of the CPC Central Committee and chairman of the Organizational Department of the CPC Central Committee, delivers a speech during the opening session of the first session of the high-level dialogue between the CPC and Sudan's ruling National Congress Party (NCP) in Khartoum, capital of Sudan, Jan. 14, 2012. (/Mohammed Babiker)KHARTOUM, Jan. 14 () -- Li Yuanchao, a senior official of the Communist Party of China (CPC), pledged on Saturday to boost the CPC's cooperation with Sudan's ruling National Congress Party (NCP) at the first session of the two parties' high-level dialogue in the Sudanese capital of Khartoum.Li, Member of the Political Bureau of the CPC Central Committee, Secretary of the Secretariat of the CPC Central Committee and Chairman of the Organizational Department of the CPC Central Committee, delivered a speech titled "Deepening inter-party cooperation and joining hands to seek development" at the opening session of the dialogue on behalf of the CPC.In his speech, Li expressed his appreciation for the traditional friendship between China and Sudan and reiterated that the Chinese government attaches great importance to its ties with Sudan and is willing to develop and deepen the China-Sudan friendship and cooperation in an all-around way on the bases of mutual trust, mutual interests and mutual assistance for the benefits of the two peoples.""Since the establishment of relations ten years ago, the two parties have continued in deepening the exchanges and communications in a wide range of fields and at a variety of levels, and have been playing a more and more important role in promoting the ties of the two countries", Li said."The CPC is willing to strengthen exchanges and cooperation with the NCP on the bases of the four principles, namely independence, equal footing, mutual respect and non-intervention in the other's internal affairs," he added.Li further proposed some suggestions on how to deepen the relations between the two ruling parties of China and Sudan.NCP Deputy Chairman and Assistant to the Sudanese President Nafie Ali Nafie also addressed the session, in which about 150 representatives of the two parties and the two governments participated. 1 2 3 1 2 3
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