China August industrial profits edge up almost 20%
In August, revenues earned by Chinese industrial companies surged at the fastest pace for three years backed by surging sales, higher prices as well as lower costs, pointing to strengthening economic activity.
The world's number two economy has recently demonstrated signs of stabilization, backed by a housing boom as well as government spending, though growth has been patchy with companies in certain sectors, including steel not faring as well because of excess capacity.
August’s profits leapt 19.5% to 534.8 billion Yuan, as the National Bureau of Statistics reported on Tuesday, the most impressive monthly rate since August 2013. In July, annual revenue growth accounted for 11%.
In August, industrial profits have demonstrated upbeat changes, while government policies keep producing effects, as NBS official He Ping informed in a statement accompanying the data.
He told that in August rapid growth was also bolstered by a low base of comparison the previous year.