The first quarter state-owned enterprise profit chain decline economic overheating expectations cooling

To cool the economy. The Treasury Department yesterday released the first quarter of the state-owned enterprise economic performance, the main indicators continued to maintain a high growth rate, which achieved a year-on-year increase in profits of 75.8%, but the first quarter of this year's total operating income and achieve profits with the four quarter quarter-on-quarter decline.　　Some economists believe that the first quarter of the economic growth rate of close to 12% is the last year's relatively low base and the role of large-scale stimulus, while the chain decline in state-owned enterprise profits may mean that the momentum of economic growth began to weaken, the risk of overheating is not as big as the data show. January-March, the state-owned enterprises accumulated total operating income of 6,510,110,000,000 yuan, compared to the four quarter year-on-year decline 6.4%.　　Profits, the first quarter of the state-owned enterprises to achieve a cumulative profit of 408.82 billion yuan, an increase of 75.8%, compared to the four quarter year-on-year decline of 0.2%.　　Industry, in January-March, oil, petrochemical, automotive and other industries profits continued to increase significantly, but the increase was significantly lower than last month, coal, transport industry growth has increased, steel, non-ferrous industries and power grid enterprises continue to improve the profitability of power generation enterprises.　　Industry analysis, the decline in state-owned enterprises profit by the chain, including the rise in international commodity prices transmission to domestic production costs, and the government's stimulus weakened and the gradual withdrawal of stimulus policy.　　Gao Shanwen, chief economist of Shun Securities, said in a recent meeting in Beijing in 2010 that the price of commodities in the international context had increased rapidly over the last few years, raising the cost pressures of Chinese companies significantly. And the difference between the central and local state-owned enterprises to the ability to cope with the macro-control has created a dual-day scene. Data show that the first quarter of the central enterprises to achieve profits year-on-year growth of 55.8%, the chain growth of 12.3%.　　and local enterprises to achieve profits year-on-year growth of 1.7 times times, the chain down 23.1%. Gao Shanwen that, although the economy grew very high in the first quarter, the momentum of economic acceleration is largely difficult to maintain, and in the second half of this year it should be seen as a slowdown in momentum, which could fall to around 9% per cent in the four quarter.