China's industrial profit rises, growth slows

Industrial profit in China rose to 55 per cent in the first eight months of this year, according to new official figures released by the Chinese National Bureau of Statistics (NBS).

However, the growth in profits of China's booming industrial sector during the January-August period this year was slower than the 81.6 per cent growth registered during the first five months of the year.

This was primarily caused by a slowdown in demand for Chinese exports. Appreciation of the Chinese currency, the yuan, also marginally hit Chinese industrial profit.

From January to August, the profit of China's industrial enterprises totalled 2.6 trillion yuan. The combined revenue of industrial enterprises in China stood at 43.1 trillion yuan in the first eight months, up 33.4 per cent from the year ago period.

However, the growth rate was 4.8 percentage points lower than that of the January-to-May period, NBS said.