Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent rate seen in June, official data showed on Tuesday.
Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent rate seen in June, official data showed on Tuesday.
The profits of industrial companies with annual revenues of more than 20 million yuan ($3.24 million) hit 419.55 billion yuan in July, reported Xinhua citing the National Bureau of Statistics.
In the first seven months, their profits rose 11.1 percent to 3.0 trillion yuan.
Tuesday’s data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world’s second-largest economy may be gradually stabilising after a protracted slowdown.
HSBC’s preliminary reading for China’s manufacturing sector showed the Purchasing Managers Index rose to 50.1 in August, the highest level in four months.
-IANS
