According to the announcement from the China National Bureau of Statistics (NBS), the profit of industrial companies in China recorded its most severe drop of the year with a 27.1% annual decrease in September. The total profit of industrial enterprises with an annual revenue of over 20 million yuan (approximately 2.81 million dollars) reached 5.228 trillion yuan (approximately 742.6 billion dollars) in the January-September 2024 period. Total profits saw a sharp decline of 27.1% in September compared to the same month last year, following a 17.8% decrease in profits in August. Profitability in September decreased by 6.5% in state-owned enterprises and 9.6% in private sector enterprises. While total profits decreased by 3.5% in the first 9 months compared to the same period last year, the growth trend of 0.5% in the first 8 months turned negative. In the first 9 months, profits of state-owned enterprises decreased by 1.3% and private sector enterprises by 2.6%. The decline in industrial profitability served as new evidence of how chronic issues such as weak domestic demand, deflation, and a slump in the real estate sector negatively impacted economic growth in China, which has the world’s largest industrial production. Despite some stimulus measures taken by the government and economic management institutions in the past month to boost economic growth, their effects have not yet been reflected in the real economy. In the first 9 months, the Chinese economy grew by 4.8%, falling below the government’s growth target of around 5% for the year.