Ministry: Industrial added value to grow 16% in Q4

At a press conference held by China's Ministry of Industry and Information Technology (MIIT), Zhu Hongren, spokesman for MIIT, pointed out that the industrial economy would maintain the trend of steady recovery in Q4, and the growth of industrial added value was expected to keep at about 16%.

From the economic performance in the first three quarters, we could see that favorable conditions and positive factors for China's industrial economy were on the rise, the stable situation for the better had been established gradually, Zhu stated.

He said that from the current situation, in general the industrial economy was running better than expected. The forecast is mainly based on three reasons: annual fixed asset investment is expected to remain at a relatively high level, the consumption demand encouraged and promoted by the government is estimated to keep at 15 percent or so, and the possibility of declining exports is reduced, he explained.

Zhu expressed that the recovery in profits of industrial enterprises was improving gradually. From the situation from January to August, the above-scale enterprises profits fell 10.6%, while declines were gradually narrowing.

In the first three quarters, China's above-scale industrial added value increased by 8.7 percent year-on-year, surging by 10.8 percent, 12.3 percent and 13.9 percent respectively in July, August and September. From January to August, the above-scale industrial enterprises realized profits of 1.68 trillion yuan, down by 10.6%, narrowing by 12.2 percentage points compared with the drop from January to May this year.

By People's Daily Online