China's Industrial Profit Growth Slows in H1

Profits of China's major industrial firms rose 6.2% year on year in H1, narrowing from a 6.4% rise registered in the first five months, official data showed on Wednesday. 
Profits at industrial companies with annual revenue of more than 20 million yuan (about 3.1 million US dollars) totaled 3 trillion yuan in the first six months, the National Bureau of Statistics (NBS) said. 
In June, profits of major industrial firms rose 5.1% year on year to 616 billion yuan, widening from a 3.7% growth posted in May, according to China's (Xinhua) News Agency. 
The profits of petroleum processing jumped 61.9%, up 60.7 percentage points from May, while profits of computer communications rose 19.5% in June, compared with a 15.1% loss in May. 
In the first six months, state-owned enterprises' profits fell 8%, while those of foreign-invested companies increased 5%. Private businesses' profits rose 8.8%. 
China's economy grew slightly faster than expectations in the second quarter of 2016, stable from the first quarter and fueling hopes that the economy is heading for a steady but slower period of development. 
The country's GDP grew 6.7% year on year in the second quarter, which remained within the government's targeted range of between 6.5 and 7% for 2016. 
Meanwhile, industrial output expanded 6.2% year on year in June, accelerating from a 6% increase in May. Retail sales rose 10.6%, a faster expansion from May's 10% growth.