China's Economic Overview and Challenges
Uneven economic development between upstream and
downstream industries as well as between large and small firms
Upstream industries performing much better
than downstream ones
Industrial Profits
Year-on-year change in the whole year of 2021
212.7%
Bigger companies performing better
than smaller ones
Manufacturing Purchasing Managers' Index
60
55
50
51.6
45
45
46.0
12.2%
40
40
8.3%
4.1%
1.9%
35
Coal producers Electrical
General
machinery & equipment
Textile makers Car makers
30
equipment manufacturers
2020
2021
2022
Overall
- large-size firms
manufacturers
medium-size firms
Source: Bloomberg (data as of 30/1/2022)
small-size firms
Upstream
industries
Midstream
Downstream
industries
industries
Source: National Bureau of Statistics (data as of 27/1/2022)
·
Although the divergence has improved in recent months,
the gap is still large, as soaring input prices are putting
pressure on downstream industries.
BEA東亞銀行
•
While large and medium-sized manufacturers are seeing
improvement, small and micro-sized firms are still
struggling.
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