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China’s electronics industry sees slower sales growth, profit

Updated: Oct 4,2014 10:19 AM     Xinhua

BEIJING — China’s electronics manufacturing industry saw sales value grow 9.7 percent year-on-year to 6.42 trillion yuan ($1.04 trillion) in the first eight months of 2014, latest official data showed.

The growth rate marked a drop of 1.5 percentage points compared to the same period last year, according to data from the Ministry of Industry and Information Technology.

Meanwhile, exports of electronics products during the period went down 2.8 percent year-on-year, the data showed.

The ministry said the industry’s development faces uncertainties from the potential financial and fiscal risks as well as sagging investment.

Profit rate of the sector stood at four percent during the first seven months, lower than the country’s industrial profit rate, while more than 22 percent of the companies in the sector reported losses during the period.