China industrial profit growth in July slumps to 7-month low of 11.2%

China's industrial profits growth in July slowed to its weakest pace this year, expanding 11.2% from a year earlier, according to National Bureau of Statistics data on Thursday.

The survey covers firms with annual revenues of over 20 million yuan ($2.9 million) from their core operations.

For the first seven months of this year, profits climbed 17.6% from a year earlier, losing momentum following the 18.7% rate in the first half-year.

Industrial corporate profitability has seen a notable turnaround, swinging from years of declines since 2021 and barely positive growth last year, to double-digit gains this year. That recovery was largely helped by a global artificial intelligence boom that fueled demand for computing and electronics equipment manufacturing.

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