(Yicai Global) Jan. 26 -- The profit growth of Chinese industrial enterprises above the designated size (those with an annual operating income of over CNY20 million) hit a five-year high as structural reform on the supply side furthered.

Their profits rose 21 percent annually to CNY7.52 trillion (USD1.19 trillion) last year with a growth rate 12.5 percentage points higher than of the previous year, the National Bureau of Statistics of China said today.

Some 37 of 41 industrial divisions posted profit increases last year. High-tech manufacturing firms' profits climbed 20 percent.

The profit margin of main business revenue for industrial enterprises above the designated size was 6.46 percent last year, up 0.54 percentage point.

The asset-liability ratio of such companies was 55.5 percent as of the end of last year, marking a decrease of 0.6 percentage point. The asset-liability ratio of the state-owned enterprises was 60.4 percent, down 0.9 percentage point.

The promotion of supply-side structural reforms, implementation of capacity and cost reduction policies, acceleration of structural adjustments and improvements in the production and business environment drove up industrial profits last year.

China will continue to pursue supply-side structural reforms, advance the new economy and transform the industrial economy, shifting from rapid to high-quality development, the bureau said.

The profits of industrial groups above the designated size went up 10.8 percent to CNY824.2 billion in December, with a growth rate 4.1 percentage points less than that of the previous month, the bureau said.