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.
Gayathri writes about geopolitics and business for International Business Times. She began her career at the Times of India as news coordinator, before moving on to IBTimes...