For the first time since November 2008, the People’s Bank of China has cut the key lending rate by 25 basis points.

“The changes indicate mounting concern in Beijing over slowdown of growth,” said Credit Agricole CIB economist Dariusz Kowalczyk in a report.

Like other emerging economies, the Chinese economy is also feeling a drag and authorities are taking steps to restore country’s high growth rate.

On May 12, regulators cut the minimum amount of reserves Chinese banks are required to hold in another effort to boost lending. Analysts said that would have little effect because struggling businesses were unlikely to borrow.

Monthly data due to be reported this weekend are expected to show a further deceleration in industrial activity.