China industrial profit declines

Beijing: The profits of China’s major industrial firms fell 8.8 percent year-on-year in August, sharply down from 2.9 percent decline posted in July, the National Bureau of Statistics (NBS) said on Monday. Profits at industrial companies with annual revenues of more than 20 million yuan (about $3.1 million) totalled 448.1 billion yuan in August, Xinhua reported. Industrial profits of these firms in the first eight months dropped 1.9 percent year on year to around 3.77 trillion yuan, the NBS said. The decline widened from the one percent decrease registered in the January-July period.