Major Chinese industrial firms posted enlarged declines in their profits in July, official data showed Monday.
Profits for major industrial companies, or those with annual revenues of more than 20 million yuan (3.2 million U.S. dollars), slipped 5.4 percent year on year to 366.8 billion yuan in July, the National Bureau of Statistics (NBS) said in a statement.
The decline was larger than the 1.7-percent year-on-year drop in industrial profits seen in June and the 5.3-percent year-on-year drop seen in May.
In the first seven months, profits for industrial firms fell 2.7 percent from the same period last year to 2.68 trillion yuan, 0.5 percentage points greater than the decrease for the first six months.
In the first seven months, state-owned and state-controlled industrial enterprises saw their profits fall 12.2 percent from a year earlier to 784.7 billion yuan, while private companies’ profits grew 15.5 percent to 818.7 billion yuan, according to NBS data.