China's industrial enterprises in the first quarter reported profits up a scant 0.8% from the same period a year earlier, even before the impact of Trump Administration tariffs on the nation's exports, reported the official National Bureau of Statistics (NBS) on Sunday.

China's manufacturers reported black ink of 1.5 trillion yuan ($205.86 billion) in the first quarter, although some of the modest profit increase may be due to "front-loading" of orders from US retailers, who sought shipments before the Trump Administration tariffs became effective in early April.

In the month of March alone, industrial profits rose 2.6% on year, reported the NBS.

The picture of China's industrial profits is still checkered; only 24 out of 41 major industrial categories registered year-on-year profit growth in the first quarter, reported the NBS.

In terms of total revenue, China's major industrial enterprises reported modest growth of 3.4% on year in the first quarter, according to official figures.

Only manufacturers with revenue above $2.74 million a year are included in the NBS survey.

In an escalating trade war that started in earnest on April 2, the Trump Administration to date has placed tariffs of 245% on Chinese goods, while Beijing has put a 125% import levy on US-made products.

On Monday, Beijing officials again declared they will keep China's economy growing at a 5% annual rate, reported the South China Morning Post (SCMP) newspaper.

'"We still have ample policy reserves and plenty of policy space," said Zhao Chenxin, deputy head of the National Development and Reform Commission, the country's top economic planning body, at a press conference," reported the Hong Kong newspaper, on Monday

"No matter how the international situation evolves, we will stay focused on our development goals," added Zhao Chenxin, reported the SCMP.