Even with all the positive signs and various talks about the turnaround of China's economy, data from China's large enterprises still pains a worrisome picture for China's economic growth. According to the latest release by the National Bureau of Statistics last Friday, from January to May, the 850.2 billion yuan of profits reached by industrial enterprises with annual sales over 5 million yuan was still 22.9 lower than the same period of last year.

Profits made by state-owned and state-controlled enterprises was 246.7 billion yuan, down 41.5 percent year-on-year; by collective-owned enterprises was 20 billion yuan, down by 0.7 percent; by corporate enterprises reached 454.3 billion yuan, dropped 24.1 percent; by foreign funded enterprises, and enterprises funded from Hong Kong , Macao and Taiwan achieved 243.0 billion yuan, decreased 22.4 percent.  Only profits from private enterprises rose by 2.4 percent to 230.3 billion yuan.

Within 39 industry groups, the petroleum processing and coking industries profited 44.8 billion yuan, compared with a net loss of 44.9 billion yuan last year.  Profit increased 4.2 percent for coal and mining industries, 8.6 percent for architectural materials industry, 14.6 percent for electric power industry.  Big profit declines including 75.8% for extraction of petroleum and natural gas, 97.2% for iron and steel industries, 77.9% for non-ferrous metal smelting and rolling processing industries, 34.7% for fiber industry, 25.4% for chemical industry, 46.0% for electronic and telecommunication equipment manufacturing descended 46.0 percent.

The total volume of value-added taxes was 555.3 billion yuan, a year-on-year decrease of 3.9 percent.