China's industrial profits surge on back of rising commodity prices
China's industrial profits increased at a fast pace in the first two months of the year despite pressures from a complicated and grim economic situation at both home and abroad, the National Bureau of Statistics said on Sunday.
The NBS data showed that profits of industrial firms with an annual turnover of at least 20 million yuan ($3.14 million) totaled 1.16 trillion yuan in the first two months, up 5 percent year-on-year. That compares with a 4.2 percent year-on-year growth in December.
The accelerated growth was a combined result of government's increasing support for real economy, steady recovery in industry and the increase in producer price index, NBS senior statistician Zhu Hong said.
Zhu said the January-February profit growth was mainly aided by profits registered by energy and raw materials firms from rising commodity prices.
For instance, profits recorded by mining firms grew by 1.32 times during the first two months, faster than the 5 percent growth of industrial firms
Among the 41 industries surveyed, 21 sectors saw a year-on-year increase in profits in the first two months, and 15 sectors witnessed over 10 percent growth in profits.