Interpretation by the National Bureau of Statistics: The purchasing managers' index for the manufacturing industry in August showed a slight rebound, while the business activity index for the non-manufacturing industry accelerated its expansion.

Senior Statistician Zhao Qinghe of the Service Industry Survey Center of the National Bureau of Statistics interprets the Purchasing Managers' Index (PMI) for China in August 2025. Zhao Qinghe stated that in August, the manufacturing PMI, non-manufacturing business activity index, and comprehensive PMI output index were 49.4%, 50.3%, and 50.5% respectively, an increase of 0.1, 0.2, and 0.3 percentage points from the previous month. All three major indexes have rebounded, and the overall economic vitality level in China continues to expand. Manufacturing PMI showed a slight increase in August, while non-manufacturing business activity index accelerated its expansion. On August 31, 2025, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. Zhao Qinghe, a senior statistician from the Service Industry Survey Center of the National Bureau of Statistics, provided an interpretation. In August, the manufacturing PMI, non-manufacturing business activity index, and comprehensive PMI output index were 49.4%, 50.3%, and 50.5% respectively, an increase of 0.1, 0.2, and 0.3 percentage points from the previous month. All three major indexes have rebounded, and the overall economic vitality level in China continues to expand. I. Manufacturing PMI shows a slight increase. In August, the manufacturing PMI rose to 49.4%, showing an improvement in vitality compared to the previous month. - Production and demand indexes both rebounded. The production index was 50.8%, an increase of 0.3 percentage points from the previous month, marking the fourth consecutive month above the critical point, indicating accelerated expansion in manufacturing production; the new order index was 49.5%, an increase of 0.1 percentage points from the previous month. In terms of industries, the production and new order indexes of industries such as pharmaceuticals, computers, communications, and electronic equipment were significantly higher than the overall manufacturing industry, showing faster production and demand release; however, industries such as textiles, clothing, wood processing and furniture, and chemical raw materials and chemical products had indexes below the critical point, indicating insufficient production and demand. With the rebound in manufacturing production, enterprise procurement activities have increased, with the procurement volume index rising to 50.4%. - Price index continues to rise. The main raw material purchase price index and the ex-factory price index were 53.3% and 49.1% respectively, an increase of 1.8 and 0.8 percentage points from the previous month, showing a continuous three-month increase in the overall price level of the manufacturing market. In terms of industries, industries like black metal smelting and rolling processing, metal products, had both main raw material purchase price index and ex-factory price index above 52.0%, indicating an overall increase in raw material procurement and product sales prices within the industries; however, industries like pharmaceuticals, chemical fibers, and rubber and plastic products had both price indexes below the critical point. - Large enterprises' PMI continues to expand. The PMI for large enterprises was 50.8%, an increase of 0.5 percentage points from the previous month, marking the fourth consecutive month above the critical point and showing an accelerated expansion pace; the PMI for medium-sized enterprises was 48.9%, a decrease of 0.6 percentage points from the previous month, signaling a decline in vitality; the PMI for small enterprises was 46.6%, an increase of 0.2 percentage points from the previous month, showing a slight improvement in vitality. - Some key industries continue to expand. The PMI for high-tech manufacturing and equipment manufacturing industries were 51.9% and 50.5% respectively, an increase of 1.3 and 0.2 percentage points from the previous month, highlighting their continuing support and leading roles; the PMI for the consumer goods industry was 49.2%, a decrease of 0.3 percentage points from the previous month; the PMI for high-energy-consuming industries was 48.2%, an increase of 0.2 percentage points from the previous month, showing a continuous increase in vitality. - Overall market expectations are positive. The production and operation activity expectation index was 53.7%, an increase of 1.1 percentage points from the previous month, marking the second consecutive month of increase, indicating that the majority of manufacturing enterprises have increased confidence in the future market. In terms of industries, industries like general equipment, railway, shipping, aerospace, and other production and operation activity expectation indexes were all above 58.0%, indicating a higher confidence in the industry's development prospects. II. Non-manufacturing business activity index accelerates expansion. In August, the non-manufacturing business activity index was 50.3%, an increase of 0.2 percentage points from the previous month, indicating that non-manufacturing continued to expand. - The vitality level of the service industry has significantly increased. The service industry business activity index was 50.5%, an increase of 0.5 percentage points from the previous month, reaching the highest point of the year. In terms of industries, industries such as capital market services, railway transport, aviation transport, telecommunications, broadcasting, television, and satellite transmission services all had business activity indexes above 60.0% in the high vitality zone, with rapid growth in business volume. Among them, the business activity index for capital market services has been above 70.0% for two consecutive months; however, industries like retail and real estate had business activity indexes below the critical point, indicating weaker vitality. In terms of market expectations, the business activity expectation index was 57.0%, an increase of 0.4 percentage points from the previous month, indicating that service industry enterprises are more optimistic about the recent market development prospects. - The business activity index for the construction industry has declined. Due to unfavorable factors such as recent hot and rainy weather, the production and construction in the construction industry has slowed down, with a business activity index of 49.1%, a decrease of 1.5 percentage points from the previous month. In terms of market expectations, the business activity expectation index was 51.7%, slightly higher by 0.1 percentage points from the previous month. III. Comprehensive PMI output index continues to expand. In August, the comprehensive PMI output index was 50.5%, an increase of 0.3 percentage points from the previous month, remaining in the expansion zone, indicating that the overall production and operation activities of Chinese enterprises have accelerated expansion. The manufacturing production index and non-manufacturing business activity index that constitute the comprehensive PMI output index were 50.8% and 50.3%, respectively.