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China's industrial profits decline faster in August

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Staff writer ▼ | September 30, 2015
Chinese industrial firms' profits further declined in August, indicating increased downward pressure on the economy.
Chinese industrial firms
China   National Bureau of Statistics:
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Profits of China's major industrial firms fell 8.8 percent year on year in August, sharply down from a 2.9-percent decline posted in July, the National Bureau of Statistics (NBS) said.

The poor performance was mainly caused by drop in industrial goods prices due to weak domestic demand, a rise in unit costs, the stock market rout, and volatility in the yuan exchange rate, said He Ping, an official with the Department of Industry at NBS.

Profits of industrial companies with annual revenues of more than 20 million yuan (about $3.1 million ) totaled 448.1 billion yuan in August.

During the first eight months, industrial profits of the firms dropped 1.9 percent year on year to around 3.77 trillion yuan. The decline widened from the one-percent decrease registered in the Jan.-July period.

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