According to the data released by China's National Bureau of Statistics (NBS), Chinese industrial profits jumped up by 119.7 percent year on year to RMB 486.74 billion ($71.29 billion) in the first two months of this year.
Profit margins at Chinese industrial enterprises have recovered to pre-crisis levels, thanks to a massive domestic stimulus plan and the rebound in demand from abroad. The NBS said the strong growth was mainly due to a low base in the first two months of last year when China's industrial profits had plunged 37.3 percent compared to January-February 2008.
According to the data, in January-February 2010, China's state-owned and state-controlled companies registered an aggregate profit of RMB 178.03 billion ($26.08 billion), increasing by 213.6 percent year on year; collectively-owned enterprises recorded a profit of RMB 8.28 billion ($1.21 billion), up by 45.2 percent; joint-stock enterprises registered a profit of RMB 259.45 billion ($38 billion), increasing by 125.5 percent; overseas-funded enterprises posted a profit of RMB 140.64 billion ($20.6 billion), up by 125.1 percent; private-owned enterprises made an aggregate profit of RMB 118.62 billion ($17.37 billion), increasing by 66.3 percent year on year.
In particular, Chinese steel companies posted a total profit of RMB 17.67 billion ($2.59 billion), compared with a loss of RMB 720 million in the same period of 2009, while the non-ferrous metal smelting and rolling processing industry registered a profit of RMB 14.07 billion ($2.06 billion), compared with a loss of RMB 1.63 billion a year earlier.