Profits in the Chinese industry slumped again in September. According to official data from the National Bureau of Statistics on Sunday, profits fell by 27.1 percent year-on-year, the sharpest decline so far this year. Between January and September, the profits of Chinese industrial companies fell by 3.5 percent compared to the same period last year. Despite all efforts to revive growth, China’s economy thus grew at its slowest pace in the third quarter since the beginning of 2023. The latest data also pointed to increased deflationary pressure, weaker export growth and subdued loan demand. This casts doubt on the economic recovery and underscores the need for fiscal stimulus to boost growth.