The increase in steel and coal prices has driven up profits in the industries
Profits at China's major industrial firms surged in 2017 on the back of the country's supply-side structural reform, the National Bureau of Statistics (NBS) said Friday.
Industrial companies with annual revenue over 20 million yuan (about $3 million) reported total profits of more than 7.5 trillion yuan in 2017, up 21 percent from 2016, the NBS said in a statement.
The growth rate was slightly slower than the 21.9 percent in January-November, but was 12.5 percentage points faster than the 2016 reading, marking the strongest growth since 2012.
In December alone, the profits rose 10.8 percent year on year, down from 14.9-percent growth in November.
Combined revenue from main business totaled 116.5 trillion yuan, up 11.1 percent from 2016.
Industrial profit margins rose to 6.46 percent, up 0.54 percentage points year on year.
Among the 41 industries surveyed, 37 posted year-on-year profit growth in 2017, according to the NBS.
In 2017, profit in the mining sector more than tripled, reversing the 27.5-percent decline in 2016, and the manufacturing industry saw its profit up 18.2 percent in 2017, outpacing that in 2016 by 5.9 percentage points, the NBS data showed.