China's industrial profits swung back to a sharp contraction in August for their biggest decline this year, official data showed on Friday, adding to a recent spate of bleak business readings that point to mounting pressure on the economy.

Profits at China’s industrial firms fell at the sharpest pace since April last year, dragged down by weaker manufacturing as part of an economic slowdown that’s now prompting extraordinary stimulus efforts.

China’s industrial profits swung to a decline in August, yet another sign of a broad-based economic slowdown that has already prompted leaders to introduce strong stimulus measures.