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Growth in Chinese Industrial Firms’ Profits Slows

Economy

At 612.7 billion yuan ($92.9 billion), annual growth in profits at Chinese industrial firms slowed to 16.5% in July, the lowest level since April, according to National Bureau of Statistics data reported by Reuters. However, supported by sharply higher margins in the mining, steelmaking and non-ferrous metals sectors, industrial profits in January-July were still up by 21.2% on the same period in 2016 at 4,248.1 billion yuan ($644.1 billion).