4月份中國工業企業利潤增長放緩
Chinese officials had warned profit growth at industrial firms might not be sustainable last month, and it turns out they were right to be wary.
中國官方曾警告稱，工業企業的利潤增長在上個月可能無法持續。事實證明他們的小心是正確的。
Industrial profits at large firms in China grew 4.2 per cent year-on-year in April, more than halving from a March reading of 11.1 per cent and pulling year-to-date growth down by nearly 1 percentage point to 6.5 per cent, according to the National Bureau of Statistics.
根據中國國家統計局(National Bureau of Statistics)的數據，4月份規模以上工業企業實現利潤同比增長4.2%，比3月份11.1%的增幅下跌了一半以上，將1月到4月實現利潤的同比增長幅度拖累近1個百分點至6.5%。
Profits at state-controlled firms were a clear drag on the headline rate, dropping 7.8 per cent year-on-year for the year to date, whereas private firms saw profit growth of 8.4 per cent and foreign-owned firms’ profits rose 7.3 per cent.
國有控股企業實現利潤對這一備受關注的增長率明顯構成了拖累，1月到4月實現利潤總額同比下跌7.8%，而民營企業則增長8.4%，外資企業增長7.3%。
In an explanation released alongside the latest figures the statistics bureau highlighted the relative gains for the year to date before acknowledging growth had cooled markedly in April. It gave four main reasons for the fall-back:
在與最新數據一道發佈的解讀中，國家統計局先是強調了1月到4月的相對增長，接着又承認4月份增長速度顯著回落。該機構爲這一下滑給出了四個原因：
Slowing profit growth from primary operations, down 2.6 percentage points year-on-year from the previous month to 2 per cent.
一是主營業務收入增長放緩，比上個月回落2.6個百分點，跌至2%。
A significant reversal by investment returns, from 20.4 per cent year-on-year in March to -19.8 per cent in April.
二是投資收益由升轉降，從3月份的上升20.4%，變爲4月份的下降19.8%。
Softening growth in non-operating net income, which grew 56.2 per cent in April, down 12.1 percentage points from March.
三是營業外淨收入增長放緩，4月份該指標同比增長56.2%，比3月份低了12.1個百分點。
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 cent and 14.2 per cent in March.
四是電力、電子和汽車行業處境艱難，4月份其利潤分別同比下降11%、下降5.9%和上升4.4%，此前的3月份則分別增長10.2%、59.2%和14.2%。
Electronics and auto manufacturing were among the five major sectors in which the statistics bureau had previously warned that 88.8 per cent of profit growth was concentrated in March.
國家統計局此前曾警告稱，五個主要部門88.8%的利潤增長將集中在3月份，而電子和汽車產業就在這五個部門之中。
The bureau had also cautioned that it was unclear whether first-quarter growth was sustainable. The latest figures suggest it isn’t. Less encouraging still, independent survey results published yesterday suggested China’s industrial economy may have actually contracted during the January-March period.
該機構還曾提醒稱，一季度的增長是否具有可持續性並不清楚。最新數據表明答案是否定的。更令人悲觀的是，昨天發佈的獨立調查結果暗示，1月到3月期間中國的工業經濟實際上也許是收縮的。
