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How to treat the sharp increase in industrial profits from January to February

by:Ennas      2021-11-16

From January to February, the profits of industrial enterprises above designated size nationwide increased by 119.7% year-on-year, while profits from January to February last year fell by 37.3%. Why did industrial profits turn from a decline in the same period last year to a substantial increase, and how do you view the substantial increase in industrial profits in the first two months of this year? The main reason why industrial profits have turned from a decline in the same period last year to a substantial increase:    First, the growth rate of industrial production and sales has increased significantly. Due to a number of national policies to stimulate domestic demand and export recovery, the growth rate of industrial production has changed from a low growth rate of 3.8% in the same period last year to a high growth rate of 20.7%. Profits have increased substantially.   The second is that the factory price index (PPI) of industrial products has turned from a decline to a significant increase. Due to the increase in demand, the PPI has changed from a 3.9% decline in the same period last year to an increase of 4.9%. The profits of the petroleum, steel, nonferrous, chemical, chemical, chemical, and power industries that have been affected by price increases have all doubled.   It needs to be pointed out that the current industrial profit growth rate is relatively high, but it is still a recovery growth, mainly because:    First, the industrial profit dropped by 37.3% from January to February last year, which is a very low base. If the same period in 2008 is used as the base period, the average profit growth from January to February this year is 17.4%, which is still significantly lower than the historical average growth rate of about 30% in the past 10 years.   The second is that the profit rate has only returned to the level before the international financial crisis. In the first two months of this year, the profit rate of industrial main business income, the profit rate of costs and expenses, and the profit rate of assets were 5.69%, 6.14%, and 1.02%, respectively. Although they increased significantly by 2.07, 2.34, and 0.48 percentage points over the same period last year, they were only compared with 2008. A slight increase of 0.12, 0.19, and 0.02 percentage points from January to February this year indicates that the industrial profit rate has only recovered to the level before the international financial crisis.   Third, the profits of some major industries have not yet recovered to the level before the international financial crisis. For example, compared with the profit level of the same period in 2008, the profits of the oil extraction, steel, electronics and other industries in the first two months of this year are still declining. The profit growth rate of the non-ferrous industry is still very low. This year, the profits of these industries have rebounded sharply year-on-year, with obvious characteristics of recovery growth.   In summary, industrial profits have increased significantly in the first two months of this year. This is due to the positive factors of economic recovery and rising demand, as well as the influence of the low base in the same period. On the whole, the current substantial increase in industrial profits has an obvious recovery in nature. What needs to be explained is that the profit of state-owned enterprises from January to February released by the Ministry of Finance increased by 88.9%. The statistical scope includes industrial enterprises, construction and real estate enterprises, transportation enterprises, post and telecommunications enterprises, and commercial enterprises. Among them, state-owned enterprises in January and February The profit of industrial enterprises increased by 215.9% year-on-year, which was exactly in line with the 213.6% increase in the profit of state-owned industrial enterprises calculated by the Bureau. Source: National Bureau of Statistics
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