China’s industrial profits returned to growth in August, as Xi Jinping piled pressure on businesses to combat aggressive price competition stemming from industrial overcapacity.
Profits at industrial companies with annual revenues of more than Rmb20mn ($2.8mn) increased 20.4 per cent in August compared to a year earlier, and an improvement on a decline of 1.5 per cent in July.
The August bump meant profits in the period from January to August were 0.9 per cent higher than during the same period in 2024, compared with 1.7 per cent lower in the January- to-July period.
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