The combined profit of major industrial enterprises in China exceeded 7.43 trillion yuan (about $1.04 trillion) in 2024, down 3.3 percent year on year, the National Bureau of Statistics (NBS) said on Monday.

The data showed that in December last year, profits went up 11 percent year on year.

NBS statistician Yu Weining attributed the improvement to the implementation of incremental measures. Industrial profits in December rebounded significantly from a 7.3 percent decrease in November, and the decline in corporate earnings in the fourth quarter eased markedly from the third quarter of last year.

High-tech manufacturing became an important growth driver in 2024, with profits growing 4.5 percent from 2023. In particular, Yu said that high-end, intelligent and green manufacturing recorded faster profit growth.

The equipment manufacturing sector continued to be the cornerstone last year, with five of its eight industries posting year-on-year increases in profits, according to Yu.

In addition, last year's profits in the consumer goods manufacturing sector improved by 3.4 percent year on year thanks to supportive policy measures to promote consumption, Yu said.

Moving forward, Yu called for continued efforts to expand domestic demand, boost the formation of new quality productive forces, and promote the recovery of industrial profits.