China’s industrial profits surge over 20% for first seven months
BEIJING - China’s major industrial firms posted steady profit growth in the first seven months of the year, official data shows. From January to July, industrial companies with annual revenue over RMB 20 million (USD 3 million) reported total profits of above RMB 4.2 trillion, up 21.2% from the same period in 2016, the National Bureau of Statistics said in a statement.
The growth rate was slightly below the 22% in January-June but much faster than the 8.5% increase in 2016.
Bureau statistician He Ping attributed the slower growth in profit to high temperatures in July when a number of factories halted production. However, industrial performance has kept improving and profit grew rapidly thanks to ongoing supply-side structural reform, He added. www.webershandwick.cn (ATI).