China's industrial profits up 3.4% in January-May

Profits of China's major industrial firms increased 3.4 percent year on year in the first five months of the year, official data showed Thursday.

The growth rate narrowed from the 4.3-percent increase registered in the first four months of the year, according to the National Bureau of Statistics (NBS).

Industrial firms with an annual main business revenue of at least 20 million yuan (about 2.81 million U.S. dollars) saw their combined profits reach 2.75 trillion yuan during the January-May period.

Among the 41 industrial categories monitored by the bureau, 32 recorded profit growth.

The profits of the equipment manufacturing sector continued to increase rapidly in the January-May period.

The combined profits of the sector gained 11.5 percent year on year, said the NBS.

The surge contributed 3.6 percentage points to the country's overall growth in industrial profits, making equipment manufacturing sector the largest contributor, said the NBS.