China state firms's profit growth quickens

BEIJING: Annual profit growth in China’s state firms picked up pace in the first seven months of 2013, official data showed, offering new signs that the economy may be regaining strength in the second half of the year.

State-owned non financial companies made combined profits of 1.3 trillion yuan (US$212.32bil) for January-July, up 7.6% from a year ago, the Ministry of Finance said in a statement on its website.