a级毛片av无码,久久精品人人爽人人爽,国产r级在线播放,国产在线高清一区二区

China's industrial sector will continue to grow rapidly this year, as a result of a strong growth in exports, higher commodity prices, solid consumer demand and continued high government spending, according to Standard & Poor's Ratings Services.

Although earnings growth is likely to cool down in 2004 as commodity prices stabilize, momentum from strong private investment and consumption should ensure that the country's industrial sector continues to grow, said the credit rating company, which plans to increase its presence in China.

Paul Coughlin, managing director of the company, said the threat of future overcapacity in China's manufacturing sector continues to be a key concern for the country's corporate credit standing.

"The previous investment cycle produced some irrational investment and expansion of low-end production capacity," Coughlin said. "A repeat of this experience could have a detrimental effect on corporate profits and could lead to a further round of non-performing bank loans."

China's economy is expected to grow more than 10 per cent during the second half of this year, far more than the official forecast of 8 per cent, he said.

This has largely been achieved without incurring inflationary pressures, which is a reflection of the country's abundant labour resources and excess production capacity that was built up during the previous investment cycle.

However, in certain segments, existing high demand and limited supply is beginning to attract investors, consequently causing concern about over-investment, he said.

These segments include the steel, aluminium, property, automobile, telecommunications equipment, and consumer goods industries, he said.

John Bailey, director of the company, said overcapacity increases the risk of price competition, reduced operating margins and weak cash flow.

Close

Today's Top News		Top Business News
+Premier: Taiwan people are our blood brothers and sisters ( 2003-12-12) +China, Canada ink seven agreements ( 2003-12-12) +Greenspan: Pricier Yuan won't help US trade deficit ( 2003-12-12) +US rules for food may harm trade ( 2003-12-11) +Logistics cost of 2008 Games to top 40b yuan ( 2003-12-11)		+Beautiful deal for cosmetics firm ( 2003-12-12) +Rapid industrial growth continues ( 2003-12-12) +Greenspan: China's currency not costing U.S. jobs ( 2003-12-12) +Chinese premier underlines China's goal of economic development ( 2003-12-12) +Hong Kong Business Awards announced ( 2003-12-12)