Profits of China's major industrial firms increased 18.8 percent year on year during the January-May period, surpassing a rise of 18.2 percent in the first four months, data from the National Bureau of Statistics (NBS) showed on June 28.

Industrial firms with an annual main business revenue of at least 20 million yuan (about $2.93 million) saw their combined profits reach 3.14 trillion yuan in the five-month period, according to the NBS.

In May alone, profits of major industrial firms rose 21.1 percent compared to a year earlier, the NBS data showed.