China's industrial profits rise 24.2 pct in August

Major Chinese industrial firms saw their combined profits rise 24.2 percent year on year in August, quickening from the 11.6-percent rate seen in July that points to further evidence of a firming economy, official data showed on Friday.

The profits of industrial companies with annual revenues of more than 20 million yuan (3.26 million U.S. dollars) hit 483.17 billion yuan in August, the National Bureau of Statistics said in a statement.

In the first eight months, their profits rose 12.8 percent to 3.5 trillion yuan.

Friday's data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world's second-largest economy may be gradually stabilizing after a protracted slowdown.

Among the latest evidence, HSBC's preliminary reading for China's manufacturing sector showed the Purchasing Managers Index (PMI) rose to 51.2 in September, the highest level in six months.