BEIJING, Aug. 1 (Xinhua) -- The following are the highlights of China's business news from the past week:
-- INDUSTRIAL PROFITS
Profits of China's major industrial firms rebounded in the second quarter (Q2) as business activities continued to pick up.
In Q2, profits of industrial companies with annual revenue of more than 20 million yuan (about 2.86 million U.S. dollars) rose by 4.8 percent year on year, reversing the 36.7-percent decline in Q1, the National Bureau of Statistics (NBS) said on Monday.
The purchasing managers' index (PMI) for China's manufacturing sector rose to 51.1 in July from 50.9 in June, the NBS said Friday.
It is the fifth month in a row that the figure remained in the expansion territory. A reading above 50 indicates expansion, while a reading below reflects contraction.
The PMI for China's non-manufacturing sector came in at 54.2 in July, down from 54.4 in June.
-- AIIB ANNUAL MEETING
Jin Liqun has been elected to a second term as President of the Asian Infrastructure Investment Bank (AIIB) by the bank's Board of Governors.
The election result was announced by the Chair of AIIB's Board of Governors during the bank's fifth annual meeting on Tuesday.
The AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, the AIIB began operations in January 2016 and has now grown to more than 100 approved members worldwide. Enditem