12月中国工业利润降幅创纪录

Chinese industrial profits slumped by a record 8 per cent last month, as Beijing’s targeted stimulus efforts failed to arrest a slowdown in the key driver of China’s economy.

去年12月，中国工业利润降幅达到创纪录的8%，显示中国有针对性的刺激计划未能抑制工业放缓，而工业是中国经济的主要推动力。

The fall in profits in December highlights the challenges facing an industrial sector racked by overcapacity and falling prices, adding to pressure on authorities to loosen monetary policy and boost infrastructure spending to cushion the slowdown.

12月工业利润下滑突显出中国工业面临的产能过剩和价格下跌的困扰，这加大了中国政府放松货币政策并扩大基础设施支出，以缓和经济放缓影响的压力。

The 8 per cent year-on-year drop in profits last month compares with 4.2 per cent in November and is the biggest since the current data series began in late 2011, figures released on Tuesday showed.

周二公布的数据显示，去年12月，中国规模以上工业企业利润同比下降8%，是2011年末以来的最大降幅。11月数据的同比下滑幅度为4.2%。

For the full year, profits rose 3.3 per cent, the slowest growth since at least 2008, when Chinese manufacturers were slammed by the global financial crisis.

2014年全年工业利润增长3.3%，为2008年以来最慢。

“As the economy enters the ‘new normal’, the industry sector faces increased downward pressures, unreasonable structures and weak innovation capability,” Mao Weiming, vice-minister at the Ministry of Industry and Information Technology, said at a press conference.

中国工业和信息化部副部长毛伟明在一次新闻发布会上说：“在我国经济发展进入新常态的形势下，工业面临着下行压力加大、结构不尽合理、创新能力较弱。”

While falling prices for oil and other inputs have supported profit margins, the positive impact has been outweighed by falling prices for finished goods, He Ping, a statistician at the bureau’s industrial department, said in a statement accompanying the data.

中国国家统计局工业司何平在随后发布的数据解读声明中称，尽管石油和其他投入价格下跌支撑了利润率，但出厂价格的下跌抵消了这些利好影响。

“The impact of lower prices on the slide in profits is worsening,” he said.

他表示：“价格走低对利润下滑影响加剧”。

Commodity-linked sectors have been especially hard hit in recent months. Mining-sector earnings tumbled 23 per cent last year. Oil and petrochemical refiners also saw profits slammed. Despite the fall in crude prices, many refiners remain subject to crude prices agreed to before the recent price drop, even as prices for their output fall.

最近几个月，大宗商品相关行业受到的冲击尤为严重。采矿业全年利润下降23%。石油和石化炼制企业的利润也出现下滑。尽管油价下跌，但很多炼厂仍要接受在油价暴跌之前签订的协议价格，而它们的出厂价格在下跌。

Manufacturing has held up better, with profits growing 6.5 per cent, while profits from utilities such as electricity, heat and water grew 17 per cent, boosted by lower energy prices.

制造业表现较好，利润增长6.5%。受低廉的能源价格的提振，电力、热力、燃气及水生产和供应业利润增长17%。