China’s large industrial firms pocketed CNY3.9 trillion (USD573 billion) in profit over the first seven months buoyed by rapid growth in the mining sector.

     The average annual increase across all the companies tracked, which includes real economy firms with core business revenue of at least CNY20 million (USD2.9 million) a year, was 17.1 percent, according to data published today by the National Bureau of Statistics.

     The expansion came in slightly slower than the half-year average after performance cooling off from June. The companies logged CNY515 billion in profit in July, up 16.2 percent on the year but down 3.8 percentage points when compared with the previous month, which NBS statistician He Ping puts down to slower gains in producer prices and a spike in procurement prices.

     Some 32 of the 41 sectors monitored saw faster profit growth over the seven-month period, compared with a year earlier. Mining firms were the among the fastest risers, with profits leaping 53.4 percent, while public utility suppliers saw a 17.8 percent rise and manufacturers boosted profits by 14.3 percent.

     State-owned enterprises outperformed their private counterparts with profits rising 30.5 percent, compared to 10.3 percent at non-state firms. Joint-stock enterprises gained 21.3 percent while those with foreign or offshore capital saw profits jump 7.5 percent

     As of the end of last month, the companies had CNY110 trillion worth of assets, 7.4 percent more than last year. Liabilities rose 6.5 percent to CNY62.3 trillion to reduce the overall debt ratio to 56.6 percent, 0.5 point lower than a year earlier. Owners’ equity in the companies was 8.6 percent more valuable, worth CNY47.8 trillion.