BEIJING — Profit growth of China’s major industrial firms picked up in the first six months of 2018, official statistics showed on July 27.

Profits at the industrial firms grew 17.2 percent in the Jan-June period, quickening from the 16.5-percent expansion for the Jan-May period, according to the National Bureau of Statistics (NBS).

In June alone, combined profits at industrial companies with annual revenue of more than 20 million yuan (about $2.95 million) went up 20 percent year-on-year, slightly retreating from the 21.1-percent gain in May.

NBS statistician He Ping attributed the sound growth to the country’s supply-side structural reforms, which helped reduce production costs and lower debt levels.

In the first half year, costs per 100 yuan of revenue from the companies dropped 0.37 yuan from the same period last year to 84.42 yuan, according to He.

The debt-asset ratios of major industrial firms dropped 0.4 percentage points year-on-year to 56.6 percent by the end of June.

These firms also posted stronger profit earning capabilities and saw faster inventory turnover of their products.

Among the 41 industries surveyed, 29 posted year-on-year profit growth during this period, with the petroleum and natural gas mining, ferrous metal metallurgy and rolling, and chemical sectors as major profit contributors.