China's manufacturing purchasing managers' index rose by 0.1 percentage point month-on-month in August

The China Manufacturing Purchasing Managers Index (PMI) in August 2025 released by the China Federation of Logistics and Procurement and the National Bureau of Statistics Service Industry Survey Center was 49.4%, up 0.1 percentage point from the previous month. In terms of enterprise size, the PMI of large enterprises was 50.8%, up 0.5 percentage points from the previous month; the PMI of medium-sized enterprises was 48.9%, down 0.6 percentage points from the previous month; the PMI of small enterprises was 46.6%, up 0.2 percentage points from the previous month.

Judging from the 13 sub-indexes, compared with the previous month, the production index, new order index, new export order index, backlog order index, procurement volume index, import index, raw material purchase price index, factory price index, raw material inventory index, supplier distribution time index and production and operation activity expectations index rose, with the index rising by between 0.1 and 1.8 percentage points; the finished product inventory index and the employee index fell, with the index falling by 0.6 and 0.1 percentage points respectively.

The manufacturing PMI index rebounded slightly in August, indicating that the comprehensive effects of policies such as expanding domestic demand and counter-intra-revolution have begun to appear. At the same time, it should be noted that the PMI index is still below the boom and bust line and has been going on for 5 months, and the downward pressure on the economy is still relatively obvious. Although the order index has rebounded slightly, it is still below the boom and bust line, and the problem of demand contraction is still prominent; due to insufficient demand, the production index of small and medium-sized enterprises is still below the boom and bust line. In summary, the current market-guided demand contraction is still developing, and insufficient demand still puts great pressure on enterprise production and operation. We must significantly increase the countercyclical adjustment of macroeconomic policies, significantly expand the scale of government investment in public products and public services, drive a significant increase in market orders, drive significant activity in enterprise production and investment, significantly improve employment and residents' income, and continue to recover. Strengthen the economic recovery and improvement development trend as soon as possible.

The production index was 50.8%, up 0.3 percentage points from the previous month. The new order index was 49.5%, up 0.1 percentage point from the previous month. The new export order index was 47.2%, up 0.1 percentage point from the previous month. The backlog of orders index was 45.5%, up 0.8 percentage points from the previous month. The finished product inventory index was 46.8%, down 0.6 percentage points from the previous month. The procurement volume index was 50.4%, up 0.9 percentage points from the previous month. The import index was 48%, up 0.2 percentage points from the previous month. The purchase price index was 53.3%, up 1.8 percentage points from the previous month. The factory price index was 49.1%, up 0.8 percentage points from the previous month. The raw material inventory index was 48%, up 0.3 percentage points from the previous month. The employee index was 47.9%, down 0.1 percentage point from the previous month. The supplier delivery time index was 50.5%, up 0.2 percentage points from the previous month. The expected index of production and operation activities was 53.7%, up 1.1 percentage points from the previous month.

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