July industrial profits rise, but tumble in seven monthsProfits of China's major industrial firms in July totaled 589.5 billion yuan (US$85.56 billion), increasing by 19.6 percent year-on-year, data from the National Bureau of Statistics (NBS) showed today, XInhua reports. The growth widened by 8.1 percentage points from that in June, said NBS senior statistician Zhu Hong. In the first seven months of the year, the profits of major industrial firms declined by 8.1 percent to 3.1 trillion yuan, narrowing 4.7 percentage points from that in the first six months. Specifically, profits of state-owned industrial firms dropped by 23.5 percent from one year earlier to 783.81 billion yuan, while those of private ones shrank 5.3 percent on-year to 888.34 billion yuan. Profits in 12 of the 41 surveyed industrial sectors rose compared with one year earlier, while 29 sectors saw their profits fall, according to the NBS.

Source: The Standard August 27, 2020 03:00 UTC