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The State Economic and Trade Commission says that from January to September, large industrial enterprises have made a total profit of over US$40 billion, 10 percent more than the same period last year.
Director Ma Lixin from the Economic Operation Bureau of the Commission attributes the profit increase to the industries? overall improvement.
?Increased production, exports, sales, and profits demonstrate the industry development.?
Ma Lixin says industrial production has seen a steady increase over the past few years. Energy sectors such as coal, electric and petrochemical industries can meet the needs of the nation?s economic development. More fixed asset investments help to stir the development of machinery, metallurgy, and the building of material sectors.
Ma Lixin says 2002 is the first year after China?s admission into the WTO and as a result, there have been new developments in industrial operations.
High-tech industries such as electronics and pharmaceuticals emerge as big revenue generators in production, sales and exports. Additionally, many international enterprises have secured a foothold in the areas of textiles, home appliances, toys, and suitcase. This has improved the quality of such items and thereby increased their exports.
However, the Director points out that the domestic sales are not that exemplary as compared with the increases in production and export.
?We can?t simply aim for increased production and development speed, we must also focus on variety and quality. The efforts of structural adjustments should continue with emphasis on low costs followed by high profits.?
China?s industrial enterprises are expected to reach a record high of more than 65 billion US dollars in profit at the end of this year.
cri.com October 24, 2002)
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