China's industrial profits up 5% in first two months

BEIJING -- Profits of China's major industrial firms rose 5 percent year on year in the first two months of 2022, official data showed on Sunday.

Industrial firms each with annual main business revenue of at least 20 million yuan ($3.14 million) saw their combined profits reach 1.16 trillion yuan in the period, the National Bureau of Statistics said.

In the January-February period, the revenues of those firms went up 13.9 percent year on year to 19.4 trillion yuan, and 21 out of 41 industries saw growth in profits.

At the end of February, their assets totaled 142.24 trillion yuan, up 10.4 percent year on year. Their liabilities totaled 80.03 trillion yuan, up 10.2 percent. The ratio of liabilities to assets was 56.3 percent, down 0.1 percentage points year on year.