China's industrial profits grow for fourth straight month

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Profits at China's industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday.

SHANGHAI - Profits at China’s industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday.

Industrial firm profits grew 19.1% year-on-year in August to 612.81 billion yuan , the statistics bureau said.However, industrial firms’ profits still face external pressures as rising tensions between Washington and Beijing cloud the global trade outlook. Economic indicators in August, ranging from exports to producer prices and factory output, all pointed to a further pickup in the industrial sector.

China’s economy may stagnate if it fails to rise up the value chain, as it faces increasing competition from countries with advanced technologies and lower labour costs, economists warned.

 

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National Bureau of Statistics did a great job again.

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