The combined profits of the most important industrial companies in the Mainland grew to RMB1.02 trillion (US$148 billion) in the first two months of this year, 31.5 percent more than in the equivalent period last year, Xinhua reports, citing data from the National Bureau of Statistics.

The government-run news agency quotes one of the bureau’s statisticians, He Ping, as saying the growth in combined profits accompanied increases in industrial output and prices of raw materials.

The report quotes Vice-premier Zhang Gaoli as saying last week that indications that the economy is improving have been increasing, showing that the economy is “resilient” and has “great potential”.

Annual gross domestic product grew by 6.7 percent last year, expanding at the slowest rate for 26 years.