According to the data released by China's National Bureau of Statistics, profits in Chinese industry jumped up by 82 percent year on year to RMB 1.54 trillion ($227 billion) in the first five months of 2010, underscoring the strength of an economic comeback that is prompting officials to wind back stimulus measures.
Meanwhile, sales revenues in Chinese industry increased by 38 percent year on year to RMB 25.4 trillion ($3.7 trillion) for the period in question. The figures, released every three months, cover state sector and private sector businesses with annual sales of more than RMB 5 million in 39 industries, including steel, chemicals, electricity, telecommunications and mining.
Price gains, the jump in sales, and a low base in the year-ago period contributed to the profit increase, the statistics bureau said.
During the period in question, profits in nonferrous-metal mining soared by 330 percent, while coal mining profits observed an increase of 81 percent, both on year-on-year basis.