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Profits of China's major industrial enterprises posted strong rebound in August, soaring 17.2 percent from a year earlier, according to the National Bureau of Statistics (NBS) on Wednesday.
NBS statistician Yu Weining pointed out that the steady recovery in industrial production and the strong rebound in profits were underpinned by a raft of pro-growth policies.
In the first eight months of this year, major industrial firms with annual revenue of at least 20 million yuan ($2.79 million) saw their total profits reach 4.66 trillion yuan ($637.9 billion), a year-on-year decrease of 11.7 percent. The pace of decline eased by 3.8 percentage points from the first seven months, official data indicated.
Of the 41 major industrial sectors, 30 showed improved performance, in terms of profits, during the eight-month period.
The data reflects the stabilization of domestic demand and a balanced recovery of both demand and supply side, commented Bruce Pang, chief economist and head of research at JLL Greater China.
The fact that over 70 percent of the industries saw improved profits also indicates that the rebound of industrial profits in August is one that is balanced and comprehensive, he added.
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Disinformation report hotline: 010-85061466