China's August industrial profits rise 24% y-o-y, up sharply from July

[BEIJING] Profits earned by China's industrial firms in August rose 24 per cent from a year earlier, the statistics bureau said on Wednesday, accelerating from the 16.5 per cent gain in July.

Industrial profits increased 21.6 per cent in the first eight months of 2017 year-on-year, versus a 21.2 per cent rise in January-July.

Total profits in August rose to 672 billion yuan (S$137.3 billion), the National Bureau of Statistics (NBS) said on its website.

Chinese industrial firms' liabilities increased 6.4 per cent from a year earlier as of end-August, compared with an increase of 6.6 per cent in the first seven months of this year.

The data covers large companies with annual revenue of more than 20 million yuan from their main operations.

REUTERS