(MENAFN) Official data showed that China's industrial businesses grew at a fast pace in profits during the January-July period on lower costs and a growth-stabilizing measures, Xinhua reported.
According to the National Bureau of Statistics (NBS), total profits of industrial companies increased 11.7 percent to USD542 billion in the first-half period, edging up 0.3 percent on-year.
In July alone, industrial companies gained combined profits of USD78.25 billion, 13.5 percent larger than a year ago. However, compared to June, the growth was 4.4 percent lower.
NBS data showed that about four-fifths of the profits came from the manufacturing sector, which posted an annualized increase of 15.6 percent with a combined profit of USD436.42 billion.
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