China’s industrial profits up 3.6%

China’s major industrial firms saw a 3.6 per cent year-on-year increase in profits during the first seven months of 2024, according to the National Bureau of Statistics (NBS) on Tuesday.

The NBS reported that the growth rate accelerated from the 3.5 per cent increase in the January-June period.

The total profits of industrial firms with an annual main business revenue of at least 20 million yuan (about $2.81 million) reached 4.099 trillion yuan in the first seven months.

In July, profits of major industrial firms increased by 4.1 per cent compared to the previous year, as per the NBS.

Attribution: The State Council Information Office statement

Subediting: M. S. Salama