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Profits declining slower

THE profits of China's industrial companies declined at a slower pace in the first seven months of this year, signaling an economic recovery in the world's third-largest economy.

Domestic manufacturers in 22 provinces earned 1.11 trillion yuan from January to July, 17.3 percent less than a year earlier, compared with 21.2-percent decline in the first half of this year, the National Bureau of Statistics said today on its Website.

Among 39 industries it surveyed, 14 industries reported growth in profit increases in the seven months compared with the first half, including 34.3-percent increase for the rubber industry and 3.9-percent increase for the general equipment manufacturing industry, the bureau said.

Another nine industries reported slower declines in profit compared with the first half, including oil exploration, steel makers and non-ferrous metal.

Industrial companies revenue in the first seven months reached 21.4 trillion yuan, 0.9 percent more year on year, compared with 0.5 percent in the first half, the bureau said.


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