Profits of major industrial firms in China back to growth in Jan-Aug

Profits of major industrial firms in China increased by 0.9 per cent year on year (YoY) between January and August this year, reversing the 1.7-per cent decline in the January-July period, according to the National Bureau of Statistics (NBS).

Industrial firms with an annual main business revenue of at least 20 million yuan ($2.81 million) saw their combined profits totalling nearly 4.7 trillion yuan during the eight-month period.

In August, profits of major industrial firms rose by 20.4 per cent YoY, compared with a 1.5-per cent YoY drop in July. Their business revenue expanded by 1.9 per cent YoY, one percentage point faster than the previous month, a state-controlled news agency reported.