Thursday, October 27, 2016
China's industrial sector continues to turn a profit
Business Insider Australia / Getty Images
Profits at Chinese industrial firms increased by 7.7% year-on-year to 557.1 billion yuan ($US85.15 billion) in September, according to data released by China’s National Bureau of Statistics (NBS) on Thursday.
It was below the 19.5% year-on-year increase seen in August which was the quickest increase seen this year.
In the first nine months of the year, profits grew by 8.4% compared to the same period in 2015, unchanged from the levels seen in August.
Liabilities of industrial firms grew by 4.7% year-on-year in September.
The data captures the profitability of large industrial firms with annual revenues of more than 20 million yuan from their main operations.
Earlier this week, the NBS revealed that profits at China’s state-owned enterprises (SOEs) fell by 1.6% in the first nine months of the year compared to the same period in 2015, larger than the 1.3% contraction seen in August.
The NBS said revenues at SOEs grew by 0.8%, overshadowed by a 9.9% increase in liabilities from the levels of a year earlier.
Read the original article on Business Insider Australia. Copyright 2016. Follow Business Insider Australia on Twitter.