Overview

• China’s official manufacturing PMI rose to 49.7 in June from 49.5 in May, marking a third straight month below the growth threshold.
• The new orders sub-index climbed to 50.2, signaling improved market demand for the first time since April.
• A mid-May truce on US-China tariffs has stabilized export orders, with analysts reporting recent gains in shipments.
• Domestic pressures from a deepening property-sector debt crisis, weak consumer spending and high youth unemployment continue to weigh on factories.
• Officials plan to delay new fiscal or monetary measures until after the July Chinese Politburo meeting and further trade-war clarity.