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|BEIJING Eddie Goldman Bears Jersey , Sept. 27 (Xinhua) -- China's major industrial firms posted stronger profit growth in the first eight months of this year as producer prices went up and production costs came down, the National Bureau of Statistics (NBS) said Wednesday.
Industrial companies with annual revenue of more than 20 million yuan (about 3.02 million U.S. dollars) reported profits of 4.92 trillion yuan in the first eight months, a 21.6-percent increase from one year earlier, the NBS said in a statement.
The strong growth marks a pick-up from the 21.2 percent in the January-July period.
In August alone, profits of major industrial firms jumped 24 percent year on year, much faster than the 16.5-percent growth in July Kevin White Bears Jersey , the NBS said.
Among the 41 industries surveyed, 39 posted year-on-year profit growth during the first eight months.
NBS statistician He Ping said the strong growth was a result of price hikes in industrial products and lower production costs.
China's producer price index (PPI), which measures costs of goods at the factory gate, rose 6.3 percent year on year in August, 0.8 percentage points higher than the July level.
The price rebound has added some 127.3 billion yuan to the August industrial profits, accounting for 31.2 percent of the total profit increase last month Cody Whitehair Bears Jersey , said He.
The trend was particularly evident in sectors such as the petroleum, steel and electronics industries, the statistician said.
In August, the oil and natural gas exploitation industry's profits went up 4.94 billion yuan from a year ago, but in July, it suffered a decrease of 1.03 billion yuan in profits.
Meanwhile Leonard Floyd Bears Jersey , for each 100 yuan of revenue, companies had to spend 85.44 yuan, a 0.64-yuan decrease from the same period last year, NBS data showed.
He also mentioned that the leverage ratio of Chinese industrial firms is on the decline amid the government's ongoing supply-side structural reform. By the end of August, their debt-asset ratio dropped 0.7 percentage points from a year ago to 55.7 percent.
The industrial sector, which accounts for about one-third of China's GDP Mitchell Trubisky Bears Jersey , started to pick up last year after a bad 2015. The upbeat August profits data has added to evidence of resilience in the sector and steady improvement in the overall economy.
China's value-added industrial output grew 6 percent year on year in August, previous NBS data showed. On a monthly basis, industrial production edged up 0.46 percent in August compared to July.
China's economy expanded 6.9 percent for the first half of 2017, above the government's 2017 full-year target of around 6.5 percent.
The Asian Development Bank projected earlier this week that China's economic growth will be 6.7 percent for this year and 6.4 percent for 2018.
In an update of the Asian Development Outlook 2017, its flagship annual economic publication, the bank said better-than-expected external demand Jordan Howard Bears Jersey , proactive fiscal policy and strong domestic consumption have combined to drive up China's growth.
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Haikou, China's Type 052C guided-missile destroyer joins the search of Malaysia Airlines Flight 370 on Mar. 11. It will join the RIMPAC 2014 exercise. [Photo chinanews]
The Chinese navy's unprecedented participation in the Rim of the Pacific (RIMPAC) multinational naval exercises has sent a positive signal for building trust between China and the United States.
On Monday, a fleet consisting of a missile destroyer, a missile frigate Walter Payton Bears Jersey , a supply ship, a hospital ship and two helicopters, a commando and a diving squad departed from two Chinese coastal cities to participate in the joint maritime exercises organized by the US navy.
The departure of the fleet, honoring an invitation from the United States, demonstrated China's positive attitude toward expanding cooperation and building trust with the US military.
RIMPAC, started in 1971 Eddie Goldman Youth Jersey , is the world's largest multinational maritime military exercise.
Deputy Commander of the Chinese Navy Xu Hongmeng said the mission is an important part of efforts to build a new model of relations between China and the United States and their militaries.
It was noteworthy that the departure of the ships occurred just one day after the first anniversary of the end of the June summit attended by Chinese President Xi Jinping and his US counterpart Barack Obama last year.
Military-to-military contact, an area highlighted by the two national leaders in their summit, had long been regarded as the weakest link in the China-US relationship. However, since last year, the two militaries have held frequent high-level exchanges, including the exchange visits by defense chiefs.
The two navies have also held joint activities over the past year Kevin White Youth Jersey , which included a rare search-and-rescue exercise in Hawaii and a second joint anti-piracy drill in the Gulf of Aden.
The RIMPAC naval drill is consistent with the positive momentum of these exercises.
Given that the Asia-Pacific is where the interests of China and the United States intertwine the most, China's participation also shows that, though China and the United States differ on certain issues, the two nations have been making concrete steps toward trust building.
Meanwhile, the multinational exercise, which will also be joined by forces from Singapore and Brunei Cody Whitehair Youth Jersey , signaled China's willingness to deepen its friendly cooperation with countri.