China's industrial profits surge 106% in first four months

BEIJING -- Profits of China's major industrial companies saw accelerated growth in the first four months of this year as the country's economic recovery further firms up, official data showed Thursday.

Industrial firms with an annual business revenue of at least 20 million yuan ($3.12 million) saw their combined profits surge 106 percent year-on-year in the January-April period to over 2.59 trillion yuan, data from the National Bureau of Statistics showed.

When compared with the first four months of 2019, the figure represented a rise of 49.6 percent. The average growth rate in the past two years stood at 22.3 percent, NBS data showed.

The accelerated growth in industrial profits came as market demand continued to improve and major industrial firms saw better operation since the beginning of this year, NBS senior statistician Zhu Hong said.