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Industrial profits jump 24% due to recovering economy, low comparative base
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PROFIT growth at China's industrial companies accelerated sharply in August thanks to a lower comparative base and a reviving economy.
Industrial profits jumped 24.2 percent from a year earlier to 483.1 billion yuan (US$77.9 billion) last month, up from an increase of 11.6 percent in July, the National Bureau of Statistics said today.
He Ping, a researcher at the bureau, said a low comparative base last year was one of the reasons for the much faster acceleration.
"Industrial profit fell 6.2 percent year on year in August of last year, which was the biggest drop in 2012 and which created a low base for comparison," He said.
He added a stabilizing economy also contributed to the growth of industrial profits. China's gross domestic product expanded 7.5 percent from a year earlier in the second quarter, the slowest in more than one year. But data in the past two months have beat many optimistic projections and raised hopes for China's economic growth to rebound in the third quarter.
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