(MENAFN) According to the National Bureau of Statistics (NBS), the profits of Chinese industrial businesses totaled USD78.45 billion in August, down 0.6 percent on-year, Xinhua reported.
Compared to July, the profit growth slowed sharply compared to the 13.5 percent growth. Meanwhile, the slowdown was due to rising costs and slower investment returns, which grew 3.2 percent on year in August.
NBS data also showed that the total profits of industrial companies during the first eight months reached USD623.1 billion, up 10 percent on year though the growth rate slowed by 1.7 percent from the first-half period.
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