(MENAFN) China's economy continues to suffer as its key industrial companies endured a 2.9 percent year on year decline in its profits in July, an overwhelming drop from 0.3 percent fall registered in June.
According to the National Bureau of Statistics, industrial firms with annual incomes of more than USD3.1 million had their net profits totaling at USD73.4 billion in the previous month.
The first half of this year saw overall industrial profits plunging 1 percent from 2014 to USD514 billion, a plunge which grew from the registered 0.7 percent decline in the first six months of last year.
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