China's July industrial profits up 16.2pc but slow from June

Profits earned by China’s industrial firms rose 16.2 per cent, more than 20 million yuan, in July from a year earlier, retreating from 20.0 per cent gain in June, official statistics showed Monday.

In the first seven months of 2018, industrial profits rose 17.1 per cent from the same period last year, compared with a 17.2 per cent rise in the first half, according to the National Bureau of Statistics (NBS).

China’s industrial firms’ liabilities grew 6.5 per cent in July from a year earlier, compared with a 6.6 per cent rise in June, reports Reuters.

The data covers large companies with annual revenue of more than 20 million yuan from their main operations.