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Listed firms report surging profits

09-02-2010 09:38 BJT

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Chinese companies listed on the Shanghai and Shenzhen bourses, performed particularly well in the first half. Interim reports from those companies show profits surged.

According to the statistics provided by Wind Information, net profits of 1925 A-share listed companies totaled around 781 billion yuan. It soared 46 percent compared with the same period last year.

The Industrial and Commercial Bank of China reported a whopping profit of 84.6 billion yuan in the first half. It made the largest lender in China, also the most profitable one.

Wei Guoxiong, Chief Risk Officer of ICBC said "Our small enterprise loans increased rapidly this year. They grew at a speed of more than 25 percent, 16 percent higher than expectations. And our trade financing this year also developed quickly, increasing around 25 percent. It's a sign that the economic development is in a sound and active condition."

Statistics also show that industries such as real estate and steel making achieved double digit growth in the first half of the year. The auto industry grew by more than 171 percent.

Experts are predicting that the traditional industries will still contribute a lot in the long term, to the country's economic development.

Qin Yunlong, Analyst of Jinpeng Futures Brokerage said "According to the trend of our future economic structure adjustment, China will get rid of overcapacity enterprises and focus on developing low carbon and energy saving industries. But since China is relying on the development of its industrial development, the traditional energy sector will still grow in the near future."

Experts are forecasting the growth rate of China's GDP to maintain at around 9.5 percent in the third quarter, and 8.5 percent in the fourth quarter.

And according to the latest data from China Securities Depository and Clearing Company, investors are still maintaining robust enthusiasm on the stock market.

The number of newly registered investors on the A share market has increased for three consecutive weeks.

Editor:Xiong Qu |Source: CNTV.CN

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