China's industrial profit decline narrows in July

China's major industrial firms reported a smaller profit decline in July, official data showed Sunday.

Industrial firms with annual main business revenue of at least 20 million yuan (US$2.78 million) saw their combined profits in July down 6.7 percent from a year ago, narrowing from the 8.3-percent drop in June, data from the National Bureau of Statistics showed.

In the first seven months, the profits of major industrial firms reached 3.94 trillion yuan, down 15.5 percent year on year, narrowing by 1.3 percentage points from the first half of the year.

The power, heating, gas, and water production and supply sectors saw combined profits rise 38 percent year on year to hit 391.82 billion yuan in the first seven months.

Of the 41 industrial categories monitored by the bureau, 13 posted better performance in profits during the January-July period, the NBS said.