China's Ministry of Finance last month announced a plan effective from July 1 to adjust tariff rebates on 2,831 commodities, which account for 37 percent of the total items listed on the customs tax regulations.

The finance ministry will also abolish export tax rebates on 553 "highly polluting products that consume large amounts of energy and resources" such as salt, cement, and liquefied petroleum gas.

Related readings:  Macro economic climate index stable in May  Industrial-company profits climb 42% in 1st 5 months  Fixed-asset investment up 25.5% Investment grows 26% in first half year

3. State owned and private enterprises record higher profits.

State owned and state controlled companies above a designated size (enterprises with an annual income over five million yuan), generated 419.3 billion yuan in profits, up 42.3 percent year on year. Meanwhile private enterprises recorded 137.9 billion yuan in profits, up 48.6 percent year on year. Both of their growth rates were higher than the overall profit growth of industrial enterprises.

4. Urban investment in central and western regions is higher than in the east.

From January to May of this year, fixed assets investments in urban areas amounted to 3204.5 billion yuan, and gained a year on year increase of 25.9 percent. Of that increase, the investment in China's eastern areas reached 1,747.6 billion yuan, up 21.8 percent year on year, while the central and western areas recorded 742.9 billion yuan and 680.9 billion yuan respectively, up 36.4 and 27.8 percent year on year.

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