Intelligent robots operate on a production line for new energy vehicles at a GAC Aion factory in Guangzhou, Guangdong province, in July, 2023. (PHOTO / XINHUA)

BEIJING - China's major industrial firms saw their combined profits increase for a third straight month in October, official data showed Monday.

The profits of major industrial firms with annual main business revenue of at least 20 million yuan (about $2.81 million) went up 2.7 percent year-on-year, according to the National Bureau of Statistics.

The profits of consumer goods manufacturers posted a stable increase of 2.2 percent from a year earlier, up for three consecutive months 

NBS statistician Yu Weining said the country's industrial sector maintained stable production and reported sharper revenue rebounds and continued profit growth as the government macroeconomic policies took effect.

In October, the raw material production sector emerged as the most important growth driver with a robust 22.9-percent profit surge as the recovering downstream demand led to an overall price upswing.

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As the consumer market continued to warm up due to favorable government policies, the profits of consumer goods manufacturers posted a stable increase of 2.2 percent from a year earlier, up for three consecutive months.

Other industries including equipment manufacturing and power, natural gas and water supply also registered profit growth last month.

In the first ten months of the year, the profits of major industrial firms reported a 7.8-percent decline, narrowing by 1.2 percentage points from the January-September period. More than 70 percent of China's 41 industrial categories monitored by the bureau reported an improved performance in profits. 

China has stepped up efforts to shore up the development of industrial enterprises and improve market expectations this year, with extended tax reductions and stronger financial support.

The authorities recently unveiled 25 specific measures to strengthen financial services for private companies as part of the efforts to spur their growth, including greater support for innovation and small firms, according to a central bank statement issued on Monday.

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Looking forward, Yu said more efforts will be made to let the financial sector play a more effective role in promoting technological innovation, advanced manufacturing, green development, and micro, small and medium-sized enterprises.

China will also promote the upgrades of traditional industries and nurture the development of emerging sectors to build new advantages and push forward high-quality industrial development, he said.