Workers make large-scale construction equipment at a Pengfei Group factory in Hai'an, East China's Jiangsu Province on Wednesday. The company shifted its focus to the domestic market this year, and local sales now account for 70 percent of its business, up from 50 percent, with fast growth. Photo: cnsphoto

Profits from designated industrial companies in China increased 28.2 percent year-on-year in October, up 18.1 percentage points compared to the previous month. Total profits in the first 10 months of the year inversed the previous downward trend and realized growth at 0.7 percent, official data showed.

The total profits of Chinese designated industrial companies hit 5.01 trillion yuan ($762 billion) from January to October, up 0.7 percent year-on-year, compared to the 2.4 percent contraction from January to September, read a statement from the National Bureau of Statistics (NBS) on Friday.

A total of 25 out of the 41 surveyed industries reported profit growth, in which equipment manufacturing profits rose 9.6 percent year-on-year, contributing the most to the overall profits of China's major industrial firms.

Profit growth in consumer goods manufacturing picked up steadily and that of the raw material manufacturing industry also saw significant improvements.

Moreover, private firms and foreign-funded enterprises have seen healthy recoveries from the COVID-19 pandemic, a senior statistician from the NBS, Zhu Hong, wrote in a statement.

With stimulus policies for real economies coming into effect, market entities have been steadily resuming and recording increased profits, Zhu wrote.

The profits of enterprises funded by foreign capital or by investment from Hong Kong, Macao special administrative regions and the island of Taiwan increased by 3.5 percent year-on-year in the first 10 months of the year, 0.9 percentage points higher than last year.

As China has achieved significant progress in epidemic containment as well as economic development, the production and operation of industrial enterprises have continued to improve, and the recovery of profits has been further consolidated, according to Zhu.