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Company description::
Boston, Massachusetts January 30, 2004. – American investors may need to rethink their conventional wisdom that China’s official economic statistics inflate the country’s GDP growth, according to Boston-based investment research firm Asia Clipper. Based on its proprietary new database, Asia Clipper believes that China’s statistics now understate its economic growth, possibly by several percentage points.
Though numerous investment banks and government institutions forecasted Chinese economic growth in the 7.5 to 8 percent range for 2003, China’s National Bureau of Statistics reported in January 2004 that the Chinese economy grew by 9.1 percent in 2003. However, an analysis of a proprietary new Asia Clipper database first reported in November 2003 indicates that even a 9.1 percent annual growth rate may be on the low side.
Asia Clipper believes that the true countrywide economic growth figure may turn out to be closer to 11 percent annual GDP growth for the whole of 2003. According to Asia Clipper analysis, forty of China’s largest listed companies grew their aggregate revenues by an impressive 38 percent in the first half of 2003 compared to the same period the year before. These dramatic revenue increases took place in several industry sectors and in several regions of the country.
The rapid 38 percent revenue growth did not come at the expense of profits. China’s large listed companies reported a 60 percent growth in aggregate operating profits in the first six months of 2003 compared to the same period in 2002, suggesting that China’s economic growth is translating into significant company profits and that investors in these companies are witnessing improving fundamentals.
For additional information, including a free synopsis of Asia Clipper’s analysis of the Chinese listed companies’ revenues and profits, contact Asia Clipper at Info@AsiaClipper.com.
ABOUT THE ASIA CLIPPER
Asia Clipper LLC is an independent Boston-based investment analysis firm focused on Asia. It provides impartial buyside-oriented research of Asian securities available to U.S. investors, with particular emphasis on China and Hong Kong. Asia Clipper publishes a free email briefing, the “Asia Clipper Briefing” (free sign up at www.AsiaClipper.com), as well as America’s first known independent investment bulletin focused on Asian securities, the subscription-based “Asia Clipper Bulletin”.
CONTACT INFORMATION:
E. Yegin Chen, Managing Director
Asia Clipper LLC, Boston, Massachusetts
Info@AsiaClipper.com
http://www.AsiaClipper.com
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