China's Industrial Profits Rise 24.2 Pct in August

(MENAFN- Qatar News Agency) Major Chinese industrial firms saw their combined profits rise 24.2 percent year on year in August, quickening from 11.6 percent in July that points to further evidence of a firming economy, official data showed on Friday. The profits of industrial companies with annual revenues of more than 20 million yuan (3.26 million U.S. dollars) hit 483.17 billion yuan in August, the National Bureau of Statistics said in a statement. In the first eight months, their profits rose 12.8 percent to 3.5 trillion yuan.