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China's August industrial profits rise 24 percent year on year, up sharply from July

Reuters

BEIJING (Reuters) - Profits earned by China's industrial firms in August rose 24 percent from a year earlier, the statistics bureau said on Wednesday, accelerating from the 16.5 percent gain in July.

Industrial profits increased 21.6 percent in the first eight months of 2017 year-on-year, versus a 21.2 percent rise in January-July.

Total profits in August rose to 672 billion yuan ($101.30 billion), the National Bureau of Statistics (NBS) said on its website.

Chinese industrial firms' liabilities increased 6.4 percent from a year earlier as of end-August, compared with an increase of 6.6 percent in the first seven months of this year.

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

(Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam)