Manufacturing lags financial services in profits

Total net profits of 260 manufacturers equal only 40 percent of profits posted by 17 banks in China, People Daily reported Wednesday.

The number was calculated based on the list of 2014 Top 500 Chinese Enterprises released by China Enterprise Confederation and China Enterprise Directors Association on Tuesday. It is the 13th consecutive year that the institutes have released this report.

List includes 260 manufacturers and 17 banks. It shows that the manufacturing companies had a total net profit of 462.3 billion yuan ($75.2 billion), which was greatly lower than the 1.23 trillion yuan of the 17 banks on the list.

In additon to the influence of long-term adjustment circle of the manufacturing industry, the high-profit of the financial industry also contributes to the big difference.

China's reality of high financial profit and low real economy revenue did little help for banks to achieve their functions to serve the real economy, said Miu Rong, deputy director of Research Department in China Enterprise Confederation.

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