(Yicai Global) Jan. 28 -- China's stock markets slid into negative territory in afternoon trading with major indexes losing ground after the release of new official economic data showing that the world's second-largest economy is still not out of the woods.

The Shanghai Composite Index wiped out early gains to close 0.18 percent down at 2,596.98 points while the Shenzhen Component Index also edged down to 7,589.58. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, fell 0.45 percent to 1,259.74 points. The three indexes had traded up by around 1 percent earlier in the day. 

The market opened higher on investor confidence after the stock market's regulator installed a new chairman following a year-long market slump. However, earlier momentum was tempered after the release of economic data on industrial profits for last year. 

Profits at China's large industrial enterprises rose 10.3 percent annually to CNY6.63 trillion (USD984 billion) in 2018, down from growth of 21 percent the year before, according to data from the National Bureau of Statistics.