China Industrial Profits Fall In July

Profits earned by Chinese industrial enterprises decreased in July after rising in the previous month, figures from the National Bureau of Statistics showed Friday.

Industrial profits fell 2.9 percent year-over-year to CNY 471.56 billion in July following a 0.3 percent rise in the preceding month.

The agency said the fall in industrial profit for the month was impacted by a slowdown in industrial production and sales growth, a decline in industrial producer prices and raw material purchase price, and a fall in investment income.

During the first seven months of the year, total industrial profits declined by 1.0 percent as compared to the corresponding period last year.

Among sub sectors, profits earned by mining industry plunged 57.4 percent in the January to July period, while manufacturing sector registered profit growth of 5.7 percent.

The material has been provided by InstaForex Company –