China's industrial profits up 10.3 percent in 2018

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The profits of China's major industrial enterprises increased 10.3 percent year-on-year in 2018, but lower than the 21 percent expansion for 2017, the National Bureau of Statistics (NBS) said Monday.

The data showed that profits fell 1.9 percent year-on-year last December.

The main business income for major industrial enterprises with annual revenue of more than 20 million yuan (about three million U.S. dollars) reached 102.2 trillion yuan in 2018, up 8.5 percent than the previous year. The profit rate of these firms rose by 6.49 percent, up 0.11 percentage points.

Main business income and profit growth of China's major industrial firms. /CGTN Photo

State-owned enterprises saw profits up 12.6 percent year on year last year, compared with a 45.1-percent growth in 2017, while private firms' profit growth rose from 11.7 percent in 2017 to 11.9 percent in 2018.

As for industry, NBS statistician He Ping said petroleum and natural gas mining industries gained the most with 4.4-fold profit growth.

He also said that the supply-side structural reform moved forward steadily last year, and the leverage ratio kept reducing. The asset-liability ratio for major industrial firms registered 56.5 percent, down 0.5 percentage points year-on-year.