(JW Insights) Sep 27 -- China's industrial profits increased in August for the first time in a year, signaling the economy continues to be on the recovery path amid a raft of supportive policy measures, reported China Daily on September 27.
Data from the National Bureau of Statistics showed that industrial enterprises with annual revenue of at least RMB20 million ($2.7 million) each saw their total profits jump 17.2 percent year-on-year in August after a 6.7 percent decline in July.
Wei Ning, a statistician at the NBS, attributed the improvement in industrial profits to the steady rebound in industrial production and improved corporate profitability with a series of stimulus measures taking effect gradually.
For the January-August period, industrial firms' profits fell 11.7 percent year-on-year to RMB4.66 trillion, narrowing from the 15.5 percent drop in the first seven months, the bureau said.
Notably, profits of equipment manufacturing enterprises rose by 3.6 percent on a yearly basis during the January- August period after a 1.7 percent growth during the first seven months.
Profits of electrical machinery manufacturing firms and auto companies jumped 33 percent and 2.4 percent year-on-year during that period, respectively, according to the report from China Daily.
(Gao J/Yuan XY)