China's industrial profits rise 17.2%

Chinese industrial firms' profits continued steady rises in the first two months of the year, pointing to stabilizing growth in the world's second-largest economy. Profits at major industrial firms, or those with annual revenues of more than 20 million yuan (3.19 million U.S. dollars), rose 17.2 percent year on year to reach 709.2 billion yuan, the National Bureau of Statistics said Thursday. The figure continued an upward trend that has taken shape since August, although it was slightly down from 17.3 percent in December. In breakdown, state-run businesses outperformed other firms, with combined profits up 18.9 percent year on year in January and February. Private companies and overseas-funded enterprises saw profits up 16.9 percent and 12.8 percent, respectively, during that period.Revenues from primary businesses at those companies climbed 13.1 percent year on year to 13.7 trillion yuan in the first two months.