Supply side reform keeps industrial profits steady

Growth uptick in May helps dispel fears of impact from trade spat

Profits at China's industrial firms showed steady growth in May, an indication that the economy was gathering steam on the back of supply side reforms, despite rising trade tensions with the United States, official data showed on Wednesday.

During the first five months of this year, large industrial firms gained profits valued at 2.73 trillion yuan ($413 billion), up 16.5 percent from the same period a year ago, as profits in heavy industries, such as oil and natural gas extraction, rose sharply, according to data from the National Bureau of Statistics.