Industrial profits in China increase by 11.6 percent in July 2013

Industrial profits in China increase by 11.6 percent in July 2013

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Some of the biggest Chinese industrial companies noticed a hike in their combined profits of about 11.6 percent year-on-year in July 2013. The rate has increased from 6.3 percent in June 2013. On Tuesday, August 27, 2013, an official data released is pointing to the country’s firming economy.

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The National Bureau of Statistics in a statement said that the profits of industrial companies which have annual revenues of over 20 million yuan have reached 419.55 billion yuan in July 2013. It was also noticed that in the first seven months of 2013, their profits increased 11.1 percent to 3.0 trillion yuan.

The data was released on August 27, 2013 and came after certain indications that the world’s second-largest economy might be gradually stabilizing after it experienced a slowdown. The preliminary reading for the manufacturing sector in China said that the Purchasing Managers Index (PMI) increased to 50.1 in August 2013, which is the highest level in four months.

When it comes to electricity, heat production and supply industry, they showed a rise of 73.5 percent in the first seven months of 2013, while manufacturers of telecommunications, computers and electronics have seen their profits increase by 29 percent. Factory output and retail sales of foreign trade have showed that the world’s largest economy might be stabilizing slowly, but surely.

Photo Credits: Bloomberg