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China's industrial profits in July grow 16.4per cent y/y

China's industrial profits in July grow 16.4per cent y/y

FILE PHOTO: A worker works on a production line at a factory of a ship equipments manufacturer, in Nantong, Jiangsu province, China March 2, 2020. Picture taken March 2, 2020. China Daily via REUTERS

BEIJING : Profits at China's industrial firms grew at a slower rate of 16.4per cent on year to 703.67 billion yuan (US$108.6 billion) in July, the statistics bureau said on Friday, as elevated commodity prices and supply chain constraints from extreme weather weighed on the sector.

The July growth rate compared with a 20per cent gain in the previous month. The pace of growth has been slowing for five consecutive months.

For the January-July period, industrial firms' profits rose 57.3per cent year-on-year to 4.92 trillion yuan, slowing from a 66.9per cent increase in the first half of 2021.

Liabilities at industrial firms rose 8.2per cent on an annual basis at end-July, down from 8.5per cent growth as of end-June.

The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.

(US$1 = 6.4809 Chinese yuan)

(Reporting by Colin Qian, Stella Qiu and Ryan Woo; Editing by Jacqueline Wong)

Source: Reuters

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