China's Industrial Profit Grew at Slower Pace in August

China's industrial profit grew at a slower pace in August as the country's export sector faced challenges with the reopening of overseas factories.

The country's industrial companies reported a 19.1% increase in profit in August from a year earlier, edging down from July's 19.6%, the National Bureau of Statistics said Sunday.

In the first eight months of the year, industrial profit fell 4.4%, the statistics bureau said. Factories and businesses were forced to shut down earlier this year to control the spread of the coronavirus.

The loss of enterprises has decreased, and the supply and demand cycle has been gradually improved, said Zhu Hong, an official with the statistics bureau.

The domestic and foreign environment is still complex and changeable, and the sustained and steady growth of corporate profits is still under certain pressure, said the statistic bureau in a statement released with the data.

  (END) Dow Jones Newswires
  09-26-20 2219ET
  Copyright (c) 2020 Dow Jones & Company, Inc.

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