China’s industrial profits grow 19.1% y/y in August

FILE PHOTO: A worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS

(Reuters) – Profits at China’s industrial firms grew 19.1% year-on-year in August to 612.81 billion yuan, the statistics bureau said on Sunday, as the vast manufacturing sector extended its recovery from heavy coronavirus shutdowns earlier this year.

That compares with a 19.6% increase in July and is the fourth straight month of profit growth.

For January-August, industrial firms’ profits fell 4.4% from a year earlier to 3.72 trillion yuan, better than the 8.1% decrease in the first seven months.