China's state-owned enterprise reform has paid off substantially in 1999 with a number of large and medium-sized state enterprises reporting profits.

Figures released by the National Bureau of Statistics Monday show that profits of large industrial enterprises has surged 52 percent on an annual basis, among which state owned and state owned holding enterprises reported 77.7 percent increase.

The product/sales ratio of industrial manufacturers stood at 97.16 percent last year, up 0.56 percentage point year on year.