Profits at China's industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday.
China's recovery has been gaining momentum as pent-up demand, government stimulus and surprisingly resilient exports propel a rebound.
Industrial firm profits grew 19.1 per cent year-on-year in August to 612.81 billion yuan ($89.8bn/Dh329.56bn), the statistics bureau said.
That compares with a 19.6 per cent increase in July and is the fourth straight month of profit growth.
However, industrial firms' profits still face external pressures as rising tensions between Washington and Beijing cloud the global trade outlook.
Raw material manufacturing profits increased by 32.5 per cent in August, up from 14.7 per cent in July, according to Zhu Hong, an official at the statistics bureau. This was driven in part by a rebound in the prices of international commodities such as crude oil and iron ore, he added.
Meanwhile, profits of the general equipment manufacturing sector rose 37 per cent in August from the same period last year, with electrical machinery up by 13.3 per cent over the same period.
Economic indicators in August, ranging from exports to producer prices and factory output, all pointed to a further pickup in the industrial sector.
However, factory activity grew at a slower pace with smaller firms facing sluggish market demand and financial strain.
The country has introduced a slew of measures to kick-start the economy, from tax and fee reductions to grace periods for the calling in of debt.
China's economy may stagnate if it fails to lift the value chain, as it faces increasing competition from countries with advanced technologies and lower labour costs, economists warned.
Authorities have pledged to boost investment in strategic industries including core tech sectors such as 5G, artificial intelligence and semiconductors, and accelerate new material development to ensure stable supply chains.
For the January to August period, industrial firms' profits fell 4.4 per cent from a year earlier to 3.72tn yuan.
Liabilities at industrial firms rose 6.6 per cent -year-on-year at the end of August, edging higher than the 6.5 per cent at the end of July.
Earnings at state-owned industrial firms were down 17 per cent on an annual basis for the first eight months of the year, versus a 23.5 per cent decline in the first seven months.
Private-sector profits fell 3.3 per cent in the January to August period, narrowing from January-July period's 5.3 per cent fall.
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
