Industrial profits in China decline by 17.8% in August compared to the previous year.

• The National Bureau of Statistics announced on Friday that China's industrial profits decreased by 17.8% in August compared to the same month last year.
• That followed a 4.1% year-on-year increase in July.
• In the first eight months, large industrial firms experienced growth in profits ranging from 0.5% to 4.65 trillion yuan ($663.47 billion), which was lower than the 3.6% growth recorded in the first seven months.

The National Bureau of Statistics announced on Friday that China's industrial profits decreased by 17.8% in August compared to the same month last year.

In July, there was a 4.1% year-on-year increase, which was the fastest pace in five months.

Industrial profits covers factories, mines and utilities in China.

In the first eight months, large industrial firms experienced growth in profits ranging from 0.5% to 4.65 trillion yuan ($663.47 billion), which was lower than the 3.6% growth recorded in the first seven months.

This week, the Chinese government intensified its efforts to boost economic growth, as there are worries that Beijing may not achieve its full-year GDP target of approximately 5%. Weak domestic demand, a prolonged real estate market slump, and increasing unemployment have negatively impacted the world's second-largest economy.

Chinese President Xi Jinping and top leaders called for halting the property slump and strengthening fiscal and monetary policy support, according to a readout of a high-level meeting.

On Friday, the People's Bank of China decreased the reserve requirement ratio (RRR) by 50 basis points and lowered the 7-day reverse repurchase rate by 20 basis points to 1.5%, from 1.7% previously.

The central bank's governor, Pan Gongsheng, announced rate cuts at a press conference on Tuesday, which were subsequently followed by the implementation of these cuts.

In August, China's industrial activity, retail sales, and urban investment all experienced slower growth than anticipated, with retail sales increasing by only about 2% and industrial production growing by 4.5% compared to the previous year.

Real estate investment fell by 10.2% for the year through August, the same pace of decline as of July. The urban unemployment rate was 5.3% in August, an increase from 5.2% in the previous month.

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