August 27, 2024 02:28 GMT
MNI BRIEF: China Industrial Profits Expanded Further In July
Profits of China’s industrial companies expended to yearly highs in July, led by high-tech manufacturing, while soft domestic demand continued to hinder upward momentum, according to the National Bureau of Statistics on Tuesday.
Profits of industrial enterprises above a designated size increased by 4.1% year-on-year, the fastest monthly rise so far this year, thanks to high-tech manufacturing profits, which grew by 12.8% y/y in the first seven months, contributing 2.1 percentage points to the overall growth.
However, the recovery of industrial enterprises' profitability still needs to be consolidated via stronger efforts to expand domestic consumption demand, considering the external environment is complex and volatile, NBS officials said. (See MNI INTERVIEW2: China Green Transition To Boost Manufacturing)
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