工业企业利润回升彰显我国经济韧性

4月我国规模以上工业企业利润实现由降转增，分析人士指出，这标志着我国经济进一步企稳向好。

Profits at China's major industrial companies returned to growth in April amid strong policy stimulus and a continued recovery in market demand, adding signs that the world's second-largest economy is on a firmer footing.
得益于强有力的政策刺激和市场需求的持续复苏，4月份我国主要工业企业的利润由降转增，标志着我国经济进一步企稳向好。

While the latest indicators point to the stabilization of the economy, China's economic activity was likely mixed with an uneven recovery across sectors, underscoring the need for further stimulus measures in fiscal, monetary and regulatory policies, analysts said.
分析人士指出，尽管最新指标显示出经济企稳的迹象，但是中国各行业的经济复苏不均衡，需要政府推出更多刺激经济的财政、货币和调控政策。

They said it is advisable for authorities to speed up the issuance of local government special bonds, accelerate the implementation of key projects funded by fiscal spending, further cut the banks' reserve requirement ratio and interest rates, and introduce more property easing policies.
分析人士称，政府应该加快地方政府专项债券的发行，加速推进财政支持的重大项目，进一步降低银行存款准备金率和利率，并推出更多房地产宽松政策。

Data from the National Bureau of Statistics showed on Monday that industrial enterprises with annual revenue of at least 20 million yuan ($2.8 million) saw their total profits surge 4 percent year-on-year in April, after a 3.5 percent decline in March.
国家统计局5月27日发布的数据显示，4月份，我国规模以上工业企业（年主营业务收入在2000万元以上的工业企业）利润由3月份同比下降3.5%转为增长4.0%。

For the January-April period, China's industrial profits increased 4.3 percent year-on-year, flat with the figure in the first quarter.
1—4月份，我国规上工业企业利润同比增长4.3%，增速与第一季度持平。

Zhou Maohua, a researcher at China Everbright Bank, said the industrial profits improved in April with the gradual recovery in market demand and macroeconomic policy measures taking effect gradually, and given the low comparison base in the previous year.
中国光大银行研究员周茂华表示，4月工业盈利同比改善，主要体现了市场需求的复苏、宏观政策支持加大及去年低基数的影响。

"A breakdown of the official data showed that the high-tech and equipment manufacturing sectors reported higher gains, while many other sectors including food, textiles, furniture and chemical materials saw improvements in their profits," Zhou said. "That points to a gradual market demand recovery in midstream to upstream sectors."
周茂华说：“从行业看，高技术、装备制造业保持景气，盈利保持较快增长；食品、纺织、家具到化纤、化学原料等行业利润出现改善态势，反映国内终端市场需求回暖逐步向中上游传导等。”

NBS data also showed that profits at equipment manufacturing enterprises surged 16.3 percent in the first four months, 12 percentage points higher than that of the overall industrial profits.
国家统计局数据显示，1—4月，装备制造业利润同比大幅增长16.3%，增速高于全部规上工业12个百分点。

Despite facing pressures amid an uneven recovery, still-weak demand and operational difficulties faced by enterprises, Zhou said the industrial profits will likely continue to improve in the following months. "Recent economic indicators point to a continued recovery trend in market demand," he said.
尽管面临着行业复苏不平衡、需求仍然疲软和企业运营困难的压力，周茂华预计，工业部门经营状况有望持续改善，未来需求将延续恢复趋势。

"The country will likely further optimize the policies on tax and fee reductions and expedite the promotion of large-scale equipment renewal and trade-in deals for consumer goods. The upgrading of the manufacturing sector and the strong performance of high-tech and equipment manufacturing sectors will also support the growth of industrial profits," Zhou added.
周茂华补充道，国家可能会进一步优化减税降费政策，并加速推动大规模设备更新和消费品以旧换新。国内制造业积极转型升级和高技术装备制造业的出色表现也会支撑工业利润增长。

Xiong Yuan, chief economist at Guosheng Securities, said that China "is headed in the right direction in terms of tackling housing woes, with a series of recently released property easing measures, which will significantly stabilize market expectations".
国盛证券首席经济学家熊园表示，中国“在解决住房问题方面正朝着正确的方向前进，最近发布的一系列房地产宽松措施将显著稳定市场预期”。

Xiong said he expects to see further policy measures to boost domestic demand, including speeding up the issuance of local government special bonds, further RRR and interest rate reductions, and more property easing policies in first-tier cities.
熊园预计，接下来将会有进一步的政策措施来提振国内需求，包括加快发行地方政府专项债券，进一步降低存款准备金率和利率，以及在一线城市实施更多的房地产宽松政策。