价格幻觉,还是真实增长?

Price Illusion or Real Growth?

PPI价格维持在6%左右的高位贯穿了2017年中国经济的始终。在此背景下,工业企业利润整体表现良好:中上游利润增速高企,下游亦保持平稳,限产等供给冲击似乎并未对利润增速产生负面影响。分析发现,价格抬升与产量扩张对工业企业的整体利润回升都产生了正的贡献,但价格效应更加突出。

The PPI of China maintained at a high level of about 6% in 2017. Against this background, industrial companies performed well as a whole, with a high growth rate of middle and upper industrial enterprises profit and stable growth of downstream enterprises. Supply shocks such as production restriction seems posed no passive effect on profit growth. This article concludes that price increase and production expansion have both contributed to the industrial enterprises profit, and the former is more pronounced.