Industrial profit growth accelerates in July to 11.6%

By Wang Yanlin | August 27, 2013, Tuesday |

Online Edition

China's industrial profits rebounded in July -- the latest sign that the world's second-largest economy is stabilizing as demands at home and abroad are both recovering.

Industrial profits growth accelerated to 11.6 percent last month, compared with 6.3 percent in June, the National Bureau of Statistics said today.

Chinese manufacturers earned 419.5 billion yuan (US$67.9 billion) in profits in July, bringing a January-July total to 3 trillion yuan, a year-on-year increase of 11.1 percent.

He Ping, a researcher at the bureau, said July's profit rebound was led by stronger performance in power generation, information technology, oil refinery and automobile industries.

"These four industries contributed the most," He said. "Other industrial companies still need to raise their profit-making capability."

Zhu Haibin, chief economist at J.P. Morgan, said it was another piece of good news this week for China's economy. The country’s economic performance is stabilizing as incentive policies filter through, he said. But domestic manufacturers should stage a more balanced growth, he added.

According to the bureau, power companies more than doubled their gross profits to 33 billion yuan in July, while car manufacturers posted 26.8 billion yuan in profits, up 16 percent year on year.

The data, based on a survey of companies with annual sales of 20 million yuan or more, came after the bureau's spokesman Sheng Laiyun said yesterday that China is keeping up the growth momentum in the second half and is able to meet the growth target of 7.5 percent for this year.

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Industrial profit growth accelerates in July to 11.6%

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