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Oil and natural gas mining are the most profitable industries in China in 2005, according to a study by the State Information Center released Friday.

 

The results of the study, carried out by the China Securities newspaper, show that oil and natural gas mining made a profit of 292.7 billion yuan (about US$36 billion), up 68 percent from 2004.

 

Refining and preliminary processing of base metals ranked second among 39 industries analyzed by the research team headed by Fan Jianping.

 

The third most profitable industry was the generation and supply of electricity and fuel gas.

 

Others include the manufacturing of raw chemicals and chemical products, manufacturing electronics and telecommunications equipment, and manufacturing communications and transportation equipment.

 

Manufacturing of electrical and machinery products, manufacturing of general equipment, coal mining and washing, and textile are also among the industries that made the biggest profits in 2005.

 

The study indicates that energy industries such as oil and coal mining will continue to be one of the most lucrative sectors, thanks to fierce competition in downstream industries, the liberalization of domestic prices, the shutdown of smaller coal mines, high global oil prices and the continued growth of the Chinese economy.

 

The study painted a bleak, if not gloomy picture for industries inflicted by huge surplus capacities. These include iron and steel, electrolyzed aluminum, batteries and automobiles.

 

The machinery, electronics and telecommunications industries will enjoy continued growth in 2006, driven by the need to upgrade traditional industries, and the likely issuance of licenses for third-generation mobile telecommunications services.

 

(Xinhua News Agency February 18, 2006)