Overview

• The official manufacturing PMI registered 49.4 in August, up slightly from 49.3 in July yet below the 50 threshold that signals expansion.
• The factory gauge missed the Reuters poll median forecast of 49.5, underscoring persistent softness in production.
• The non-manufacturing PMI, which covers services and construction, improved to 50.3, helping lift the NBS composite index to 50.5.
• The report highlights pressures on growth that include U.S. tariffs under a newly extended 90‑day truce, a prolonged property downturn, heavy local government debt and weak domestic demand.
• Upcoming Caixin/S&P Global PMIs are expected to offer a check on private-sector conditions and any divergence from the official surveys.