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China’s industrial profits in July grow 16.4% y/y

Mark White by Mark White
August 27, 2021
in Supply Chain
0


BEIJING, Aug 27 (Reuters) – Profits at China’s industrial firms grew at a slower rate of 16.4% on year to 703.67 billion yuan ($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 20% 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 57.3% year-on-year to 4.92 trillion yuan, slowing from a 66.9% increase in the first half of 2021.

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

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

$1 = 6.4809 Chinese yuan Reporting by Colin Qian, Stella Qiu and Ryan Woo; Editing by Jacqueline Wong



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Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

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