BEIJING, June 28 -- China's industrial enterprises registered strong profit growth in May, offering the sign of an uptick for the world's second largest economy, which has slowed for quarters.
Major Chinese industrial firms, or those with annual revenues of more than 20 million yuan (3.22 million U.S. dollars), saw profits surge 15.5 percent year on year to reach 470.55 billion yuan last month, the National Bureau of Statistics (NBS) said in a statement.
The growth rate was faster than the 9.3 percent recorded in April.
In the first five months, their profits rose 12.3 percent year on year to 2.08 trillion yuan, compared with 11.4-percent growth logged during the January-April period.
Yu Jianxun, a researcher with the NBS's Industry Department, said the strong growth was mainly registered in the sectors of thermal power production, auto manufacturing, electronics and telecommunications, and crude refining and nuclear fuel processing.
Falling coal and crude prices drove down the cost of thermal power production and oil refining, while surging sales boosted auto and computer manufacturers' profits, he said.
In breakdown, private businesses outshined other business, with their combined profits up 17.9 percent year on year in the first five months, while state-run firms and overseas-funded enterprises witnessed profit increases of 3.3 percent and 14.7 percent, respectively, during the period.
China's industrial value-added output rose 9.2 percent year on year in May, slightly down from April's 9.3-percent increase.