National Bureau of Statistics: The PMI in August was 49.4%, an increase of 0.1 percentage points from the previous month.

On August 31, the National Bureau of Statistics released the operating conditions of the China Purchasing Managers' Index (PMI) in August 2025. In August 2025, the manufacturing PMI was 49.4%, a 0.1 percentage point increase from the previous month, indicating an improvement in the manufacturing industry. In August, the non-manufacturing business activity index was 50.3%, a 0.2 percentage point increase from the previous month, higher than the critical point, showing continued expansion in the non-manufacturing sector. The comprehensive PMI output index was 50.5% in August, a 0.3 percentage point increase from the previous month, indicating a faster overall expansion in business operations in China. 1. Operating conditions of China's manufacturing PMI: The manufacturing PMI in August was 49.4%, a 0.1 percentage point increase from the previous month, indicating an improved business outlook in the manufacturing sector. By enterprise size, the PMI for large enterprises was 50.8%, a 0.5 percentage point increase from the previous month, above the critical point; for medium-sized enterprises, the PMI was 48.9%, a 0.6 percentage point decrease from the previous month, below the critical point; for small enterprises, the PMI was 46.6%, a 0.2 percentage point increase from the previous month, also below the critical point. In terms of classification indices, of the 5 classification indices that make up the manufacturing PMI, the production index and supplier delivery time index were above the critical point, while the new orders index, raw material inventory index, and employment index were below the critical point. The production index was 50.8%, a 0.3 percentage point increase from the previous month, indicating an accelerated expansion in manufacturing production. The new orders index was 49.5%, a 0.1 percentage point increase from the previous month, showing a slightly improved market demand in the manufacturing sector. The raw material inventory index was 48.0%, a 0.3 percentage point increase from the previous month, indicating a narrowing in the decrease of major raw material inventories in the manufacturing industry. The employment index was 47.9%, a 0.1 percentage point decrease from the previous month, indicating a slight decline in the employment outlook in the manufacturing sector. The supplier delivery time index was 50.5%, a 0.2 percentage point increase from the previous month, indicating a continuous acceleration in the delivery time of raw materials for manufacturing. 2. Operating conditions of China's non-manufacturing PMI: The non-manufacturing business activity index in August was 50.3%, a 0.2 percentage point increase from the previous month, above the critical point, indicating continued expansion in the non-manufacturing sector. By industry, the construction industry's business activity index was 49.1%, a 1.5 percentage point decrease from the previous month; the service industry's business activity index was 50.5%, a 0.5 percentage point increase from the previous month. In terms of industry, the business activity indices for industries such as railway transportation, water transportation, air transportation, telecommunications, broadcasting, television, and satellite transmission services, and capital market services were all above 60.0%, indicating a high level of business activity; while the business activity indices for retail, real estate, and other industries were below the critical point. The new orders index was 46.6%, a 0.9 percentage point increase from the previous month, indicating an improved demand in the non-manufacturing sector. By industry, the construction industry's new orders index was 40.6%, a 2.1 percentage point decrease from the previous month; the service industry's new orders index was 47.7%, a 1.4 percentage point increase from the previous month. The input price index was 50.3%, unchanged from the previous month, above the critical point, indicating a continued overall increase in input prices for non-manufacturing operations. By industry, the construction industry's input price index was 54.6%, a 0.1 percentage point increase from the previous month; the service industry's input price index was 49.5%, a 0.1 percentage point decrease from the previous month. The selling price index was 48.6%, a 0.7 percentage point increase from the previous month, below the critical point, indicating a narrowing in the overall decrease in selling prices in the non-manufacturing sector. By industry, the construction industry's selling price index was 49.7%, a 0.5 percentage point increase from the previous month; the service industry's selling price index was 48.5%, a 0.8 percentage point increase from the previous month. The employment index was 45.6%, unchanged from the previous month, still below the critical point, indicating a weak employment outlook in the non-manufacturing sector. By industry, the construction industry's employment index was 43.6%, a 2.7 percentage point increase from the previous month; the service industry's employment index was 45.9%, a 0.5 percentage point decrease from the previous month. The business activity expectation index was 56.2%, a 0.4 percentage point increase from the previous month, indicating that most non-manufacturing enterprises are optimistic about the market development outlook. By industry, the construction industry's business activity expectation index was 51.7%, a 0.1 percentage point increase from the previous month; the service industry's business activity expectation index was 57.0%, a 0.4 percentage point increase from the previous month. 3. Operating conditions of China's comprehensive PMI output index: The comprehensive PMI output index was 50.5% in August, a 0.3 percentage point increase from the previous month, continuing to be above the critical point, indicating a faster overall expansion in business operations in China.