National Bureau of Statistics: The manufacturing PMI in July was 49.3%, a decrease of 0.4 percentage points from the previous month.

On July 31, the National Bureau of Statistics released the operating conditions of the China Purchasing Managers' Index (PMI) for July 2025. In July, the PMI for the manufacturing industry was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a slight decline in the manufacturing industry's business activity. Looking at the size of enterprises, the PMI for large enterprises was 50.3%, a decrease of 0.9 percentage points from the previous month but still above the threshold; the PMI for medium-sized enterprises was 49.5%, an increase of 0.9 percentage points from the previous month but below the threshold; the PMI for small enterprises was 46.4%, a decrease of 0.9 percentage points from the previous month and below the threshold. In terms of classification indices, among the five sub-indices that make up the manufacturing PMI, the Production index and Supplier Delivery Time index were both above the threshold, while the New Orders index, Raw Materials Inventory index, and Employment index were below the threshold. The Production index was 50.5%, a decrease of 0.5 percentage points from the previous month but still above the threshold, indicating that manufacturing production continued to expand. The New Orders index was 49.4%, a decrease of 0.8 percentage points from the previous month, indicating a slowdown in market demand for the manufacturing industry. The Raw Materials Inventory index was 47.7%, a decrease of 0.3 percentage points from the previous month, indicating a continued reduction in the main raw materials inventory level for the manufacturing industry. The Employment index was 48.0%, an increase of 0.1 percentage point from the previous month, indicating a slight improvement in employment conditions in the manufacturing industry. The Supplier Delivery Time index was 50.3%, an increase of 0.1 percentage point from the previous month, indicating a continued acceleration in delivery times for raw materials suppliers in the manufacturing industry.