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Financial News: China's Industrial Profits Rise For Third Month

China's Industrial Profits Rise For Third Month

08/27/2020 - 01:34:00 (RTTNews)

(RTTNews) - China's industrial profits increased for the third straight month in July as the economy showed signs of recovery from the downturn caused by the coronavirus pandemic, data published by the National Bureau of Statistics showed Thursday.

Industrial profits advanced 19.6 percent on a yearly basis in July, following a 11.5 percent rise in June.

During January to July, industrial profits fell 8.1 percent from the same period last year.

In July, the equipment manufacturing industry showed notable growth in profits driven by higher production of automobiles and electronic goods. Profits of equipment manufacturing advanced 44.3 percent and that of high-tech manufacturing climbed 36.5 percent. Meanwhile, profits of mining industry declined sharply.

There is still a certain degree of uncertainty in future profit growth, Zhu Hong, a senior statistician at NBS said.

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