(Yicai) March 27 -- China's industrial profits jumped more than 15 percent in the first two months of this year, boosted by the support from more proactive and effective macroeconomic policies.

Profit at China's industrial firms with at least CNY20 million (USD2.9 million) in annual revenue rose 15.2 percent to CNY1 trillion (USD144.6 billion) in the two months ended Feb. 28 from a year earlier, compared with a 0.6 percent growth in 2025 and a 0.3 percent decline a year earlier, according to figures released by the National Bureau of Statistics today.

In January and February, profits of state-owned enterprises rose 5.3 percent from the same period last year, versus a 3.9 percent drop in 2025. Meanwhile, profits of private firms surged 37.2 percent in the period, compared with flat growth for the full year last year. 

Twenty-four of the 41 major industrial categories achieved year-on-year profit growth in the first two months of the year. Twenty-six experienced a rebound in profitability, either by accelerating profit growth, narrowing the profit decline, or shifting from loss to profit.

The high-tech manufacturing industry continued to serve as the main growth driver, as its profit climbed nearly 59 percent in January and February from a year earlier, compared with last year's overall rise of over 13 percent. It contributed 7.9 percentage points to the profit growth of all large industrial firms, up from 2.4 percentage points in 2025.

Driven by factors such as accelerated production and a rebound in product prices, the operating income of large industrial enterprises increased 5.3 percent in the period from a year earlier, accelerating from 1.1 percent last year.

Even though China's industrial profits grew rapidly in the first two months of the year, it is important to recognize the rising external risks, particularly the spillover effects of geopolitical conflicts, said Yu Weining, chief statistician at the NBS’ industrial department. Moreover, the recovery of profits across various industries remains uneven, presenting further risk factors, he added.

In the next phase, it is necessary to continue implementing the policy of the Central Economic Work Conference, sustain the expansion of domestic demand, optimize supply, and develop new quality productive forces tailored to local conditions, Yu noted.

Efforts should also be made to deeply promote the construction of a unified national market to support the continuous and healthy development of China's industrial economy, he pointed out.

Editor: Futura Costaglione