BEIJING — Profits of China's major industrial firms rose 8.5 percent year-on-year in the first quarter of 2022, official data showed on April 27.

Industrial firms each with annual main business revenue of at least 20 million yuan ($3.05 million) saw their combined profits reach 1.96 trillion yuan in the period, the National Bureau of Statistics said.

In the first three months, 24 out of 41 industries saw a year-on-year expansion in their profits, while 15 others logged declines.

The revenues of those major firms, each with annual main business revenue of at least 20 million yuan, went up 12.7 percent year-on-year to 31.27 trillion yuan.

At the end of March, their assets totaled 144.61 trillion yuan, up 10.6 percent year-on-year, while their liabilities reached 81.68 trillion yuan, up 10.5 percent. The ratio of liabilities to assets stood at 56.5 percent, unchanged from a year ago.