4月份中國(guó)工業(yè)企業(yè)利潤(rùn)增長(zhǎng)放緩

Chinese officials had warned profit growth atindustrial firms might not be sustainable last month,and it turns out they were right to be wary.

中國(guó)官方曾警告稱，工業(yè)企業(yè)的利潤(rùn)增長(zhǎng)在上個(gè)月可能無(wú)法持續(xù)。事實(shí)證明他們的小心是正確的。

Industrial profits at large firms in China grew 4.2 percent year-on-year in April, more than halving from aMarch reading of 11.1 per cent and pulling year-to-date growth down by nearly 1 percentage point to6.5 per cent, according to the National Bureau ofStatistics.

根據(jù)中國(guó)國(guó)家統(tǒng)計(jì)局(National Bureau of Statistics)的數(shù)據(jù)，4月份規(guī)模以上工業(yè)企業(yè)實(shí)現(xiàn)利潤(rùn)同比增長(zhǎng)4.2%，比3月份11.1%的增幅下跌了一半以上，將1月到4月實(shí)現(xiàn)利潤(rùn)的同比增長(zhǎng)幅度拖累近1個(gè)百分點(diǎn)至6.5%。

Profits at state-controlled firms were a clear drag on the headline rate, dropping 7.8 per centyear-on-year for the year to date, whereas private firms saw profit growth of 8.4 per cent andforeign-owned firms’ profits rose 7.3 per cent.

國(guó)有控股企業(yè)實(shí)現(xiàn)利潤(rùn)對(duì)這一備受關(guān)注的增長(zhǎng)率明顯構(gòu)成了拖累，1月到4月實(shí)現(xiàn)利潤(rùn)總額同比下跌7.8%，而民營(yíng)企業(yè)則增長(zhǎng)8.4%，外資企業(yè)增長(zhǎng)7.3%。

In an explanation released alongside the latest figures the statistics bureau highlighted therelative gains for the year to date before acknowledging growth had cooled markedly in April. Itgave four main reasons for the fall-back:

在與最新數(shù)據(jù)一道發(fā)布的解讀中，國(guó)家統(tǒng)計(jì)局先是強(qiáng)調(diào)了1月到4月的相對(duì)增長(zhǎng)，接著又承認(rèn)4月份增長(zhǎng)速度顯著回落。該機(jī)構(gòu)為這一下滑給出了四個(gè)原因：

Slowing profit growth from primary operations, down 2.6 percentage points year-on-year fromthe previous month to 2 per cent.

一是主營(yíng)業(yè)務(wù)收入增長(zhǎng)放緩，比上個(gè)月回落2.6個(gè)百分點(diǎn)，跌至2%。

A significant reversal by investment returns, from 20.4 per cent year-on-year in March to -19.8per cent in April.

二是投資收益由升轉(zhuǎn)降，從3月份的上升20.4%，變?yōu)?月份的下降19.8%。

Softening growth in non-operating net income, which grew 56.2 per cent in April, down 12.1percentage points from March.

三是營(yíng)業(yè)外凈收入增長(zhǎng)放緩，4月份該指標(biāo)同比增長(zhǎng)56.2%，比3月份低了12.1個(gè)百分點(diǎn)。

Rough conditions in the electricity, electronics and auto sectors, which came in at -11 per cent, -5.9 per cent and 4.4 per cent year-on-year in April after growth of 10.2 per cent, 59.2 per centand 14.2 per cent in March.

四是電力、電子和汽車行業(yè)處境艱難，4月份其利潤(rùn)分別同比下降11%、下降5.9%和上升4.4%，此前的3月份則分別增長(zhǎng)10.2%、59.2%和14.2%。

Electronics and auto manufacturing were among the five major sectors in which the statisticsbureau had previously warned that 88.8 per cent of profit growth was concentrated in March.

國(guó)家統(tǒng)計(jì)局此前曾警告稱，五個(gè)主要部門88.8%的利潤(rùn)增長(zhǎng)將集中在3月份，而電子和汽車產(chǎn)業(yè)就在這五個(gè)部門之中。

The bureau had also cautioned that it was unclear whether first-quarter growth wassustainable. The latest figures suggest it isn’t. Less encouraging still, independent surveyresults published yesterday suggested China’s industrial economy may have actually contractedduring the January-March period.

該機(jī)構(gòu)還曾提醒稱，一季度的增長(zhǎng)是否具有可持續(xù)性并不清楚。最新數(shù)據(jù)表明答案是否定的。更令人悲觀的是，昨天發(fā)布的獨(dú)立調(diào)查結(jié)果暗示，1月到3月期間中國(guó)的工業(yè)經(jīng)濟(jì)實(shí)際上也許是收縮的。