Industries of Zhejiang province incur heavy losses in H1

30 Jul '08

1 min read

The Zhejiang Economic and Trade Commission recently announced the provincial economic performance for the first half of this year. It was revealed that tightening pressure from macro policy, international economic fluctuation and obvious inflation has held the industrial zone of the region in a tight state.

In the period between January and June, growth rate of total profits and industrial added value of good performing companies fell 5.5 and 17.8 percentage points respectively compared to the corresponding period last year.

Besides, in the first five months of 2008, the number of loss making enterprises stood at 10,700, accounting for 19.6 percent of the total enterprises. Most of these companies belong to textile industry, especially leather, chemical fiber, garments, and printing sectors among others.

Tables turned even for the oil industry which experienced a net loss of 1.55 billion yuan in the first five months of this year as against a profit of 2.89 billion yuan recorded during the same period last year.

However, profits of chemical industry soared by 5 percent which was rarely seen in recent years. In fact, output value, profits and investments of waste material recycling industry also increased by 40, 110 and 80 percent respectively.

Fibre2fashion News Desk - China

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