Major Chinese industrial firms saw their combined profits rise 11.6 percent year on year in July, quickening from the 6.3-percent rate seen in June that points to further evidence of a firming economy, official data showed on Tuesday.
The profits of industrial companies with annual revenues of more than 20 million yuan (3.24 million U.S. dollars) hit 419.55 billion yuan in July, a National Bureau of Statistics statement said.
In the first seven months, their profits rose 11.1 percent to 3 trillion yuan.
Among the 41 industries surveyed, 27 posted year-on-year profit growth during the January-July period, while 11 saw profit decline. Two sectors reported turnarounds in profitability and one reported narrowing losses.
Breaking it down, private businesses led the growth, with their combined profits up 15.4 percent year on year in the first seven months, while state-run enterprises saw profits up 5.5 percent during the period.
Electricity, heat production and the supply industry saw profits jump 73.5 percent in the first seven months, and manufacturers of computers, telecommunication and electronics saw their profits rise 29 percent.
Tuesday's data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world's second-largest economy may be gradually stabilizing after a protracted slowdown.
Among the latest evidence, HSBC's preliminary reading for China's manufacturing sector showed the Purchasing Managers Index (PMI) rose to 50.1 in August, the highest level in four months.