China's industrial profit growth quickens

Beijing, Sep 27 (IANS) The combined profits of major Chinese industrial firms rose 24.2 percent year-on-year in August, quickening from 11.6 percent in July, pointing at a firming economy, official data showed Friday.

The profits of industrial companies with annual revenues of more than 20 million yuan ($3.26 million) hit 483.17 billion yuan in August, Xinhua reported from a statement by the National Bureau of Statistics.

In the first eight months, their profits rose 12.8 percent to 3.5 trillion yuan.

Among the 41 industries surveyed, 25 posted year-on-year profit growth during the January-August period, while 14 saw their profits decline.

In brief, private businesses led the growth, with their combined profits up 16.2 percent year-on-year in the first eight months, while state-run enterprises saw earnings up 8 percent during the period.

Electricity, heat production and the supply industry saw profits jump 70.1 percent in the first eight months, and manufacturers of computers, telecommunication and electronics saw their gains rise 29.2 percent.

The data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showing the world's second-largest economy may be gradually stabilising after a protracted slowdown.

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