Chinese Industrial Profits Jump 24.2% In August

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China Yuan
Real estate is one of the drivers of the Chinese economy, which has been slowing of late.

China’s industrial profits jumped 24.2 percent in August on a yearly basis, more than doubling a gain of 11.6 percent in July, the government announced Friday. The figure suggests steady growth momentum after a slowdown in the beginning of the year.

Industrial companies with annual revenues of more than 20 million yuan ($3.26 million) recorded a combined profit of 483.17 billion yuan in August, data from China’s National Bureau of Statistics showed.

Industrial profits in the January-August period rose 12.8 percent on a yearly basis to reach 3.5 trillion yuan, in comparison with an 11.1 percent rise during the corresponding period in 2012.

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