China: Profits of Large Industrial Firms Decline 1.8% in H1

Profits of China’s large industrial firms declined by 1.8% year-on-year in the first half of this year.

Official data released by the National Bureau of Statistics of China today, according to the Xinhua News Agency, showed that industrial firms with annual main business revenues of at least 20 million yuan (about $2.8 million) recorded combined profits of 3.44 trillion yuan between January and June. Operating revenues of these companies rose by 2.5% year-on-year during the period.

The data indicated that profits of China’s large industrial firms declined by 4.3% year-on-year in June, a smaller decline than the decline recorded in May.