China’s industrial profit jumps in August

China’s industrial profit jumped in August, while the decline in profit for the first eight months eased, thanks to broad-based improvement in profitability, official data showed Wednesday.

Monthly industrial profit rose 17.2% from a year earlier in August, rebounding from the 6.7% drop recorded in July, the National Bureau of Statistics said.

In the January to August period, China’s industrial profit declined 11.7%, compared with the 15.5% drop for the first seven months.

Profit growth for China’s equipment manufacturing was 3.6% in the first eight months of the year, leading overall improvement.

Profits at China’s state-controlled enterprises dropped 16.5% from a year ago in the first eight months, while profits of foreign and private companies declined 11.1% and 4.6%, respectively, in the same period.

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