4月份中国工业企业利润增长放缓

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

中国官方曾警告称，工业企业的利润增长在上个月可能无法持续。事实证明他们的小心是正确的。

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.

根据中国国家统计局(National Bureau of Statistics)的数据，4月份规模以上工业企业实现利润同比增长4.2%，比3月份11.1%的增幅下跌了一半以上，将1月到4月实现利润的同比增长幅度拖累近1个百分点至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.

国有控股企业实现利润对这一备受关注的增长率明显构成了拖累，1月到4月实现利润总额同比下跌7.8%，而民营企业则增长8.4%，外资企业增长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:

在与最新数据一道发布的解读中，国家统计局先是强调了1月到4月的相对增长，接着又承认4月份增长速度显著回落。该机构为这一下滑给出了四个原因：

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

一是主营业务收入增长放缓，比上个月回落2.6个百分点，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.

二是投资收益由升转降，从3月份的上升20.4%，变为4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.

三是营业外净收入增长放缓，4月份该指标同比增长56.2%，比3月份低了12.1个百分点。

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.

四是电力、电子和汽车行业处境艰难，4月份其利润分别同比下降11%、下降5.9%和上升4.4%，此前的3月份则分别增长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.

国家统计局此前曾警告称，五个主要部门88.8%的利润增长将集中在3月份，而电子和汽车产业就在这五个部门之中。

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.

该机构还曾提醒称，一季度的增长是否具有可持续性并不清楚。最新数据表明答案是否定的。更令人悲观的是，昨天发布的独立调查结果暗示，1月到3月期间中国的工业经济实际上也许是收缩的。