Industrial profits rise 106% in Jan-April

Better demand, lower costs help fuel recovery in manufacturing sector, says NBS

Profits at China's major industrial firms grew at a steady pace in the first four months of the year as the country's economic recovery gained further momentum, official data showed on Thursday.

China's industrial firms with annual business revenue of at least 20 million yuan ($3.12 million) saw their combined profits rise 106 percent on a yearly basis during the January to April period to 2.59 trillion yuan, according to the National Bureau of Statistics.

The figures represented an annual growth of 49.6 percent when compared with 2019, with average growth rate in the past two years coming in at 22.3 percent. On a monthly basis, industrial profits rose by 57 percent in April to 768.63 billion yuan.