Growth of China's Industrial and Services Indexes Slowed Last Month as Mining Slumped
Dou Shicong
DATE:  Dec 14 2017
/ SOURCE:  Yicai
Growth of China's Industrial and Services Indexes Slowed Last Month as Mining Slumped Growth of China's Industrial and Services Indexes Slowed Last Month as Mining Slumped

(Yicai Global) Dec. 14 -- The total added value of large Chinese industrial firms grew 6.1 percent annually last month, 0.1 point lower than October, per data that the National Bureau of Statistics released today.

The Index of Services Production increased by 7.8 percent on the year, 0.2 point less than the previous month.

The mining industry hit a slump, with its value added falling 1.7 percent annually. The figure rose by 6.8 percent in manufacturing and 4.5 percent at utilities.

In the 10 months through October, total profit at large industrial firms climbed 23.3 percent to CNY6.25 trillion (USD845 billion), with a core-business profit margin of 6.24 percent, 0.55 point higher than the same period a year earlier.

In the service sector, information transmission, software and information technology, rentals and corporate services all maintained double-digit growth in the 10-month period. Revenue at large services providers jumped 13.7 percent on the year and total profit was up 29 percent.

Investment in fixed assets (excluding rural households) leapt 7.2 percent to CNY57.51 trillion in the 11 months through November. Primary industry received CNY1.9 trillion, secondary industry pulled in nearly CNY21.5 trillion and tertiary industry bagged CNY34.2 trillion, up 11.4 percent, 2.6 percent and 10.1 percent, respectively, on the year.

The statistics bureau also highlighted the results of the supply-side structural reform in the industrial sector, and that companies met annual targets to reduce the overcapacity of steel and coal. Emerging industries continued to grow and advancement of high-tech industries and equipment manufacturing outpaced the industry average, it added.

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Keywords:   National Bureau of Statistics,INDUSTRY,SERVICES,Supply-Side Reform