The website of the National Bureau of Statistics has released the operation status of China's Purchasing Managers' Index for July 2025. 1、 In July, the Purchasing Managers' Index (PMI) for China's manufacturing industry was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in the level of manufacturing prosperity. From the perspective of enterprise size, the PMI of large enterprises is 50.3%, a decrease of 0.9 percentage points from last month, which is higher than the critical point; The PMI for medium-sized enterprises was 49.5%, an increase of 0.9 percentage points from the previous month, which is below the critical point; The PMI for small businesses was 46.4%, a decrease of 0.9 percentage points from last month, below the critical point. From the perspective of classification indices, among the five sub indices that make up the manufacturing PMI, the production index and supplier delivery time index are both above the critical point, while the new order index, raw material inventory index, and employment index are below the critical point. The production index is 50.5%, a decrease of 0.5 percentage points from last month, still above the critical point, indicating that manufacturing production continues to expand. The new order index was 49.4%, a decrease of 0.8 percentage points from last month, indicating a slowdown in demand in the manufacturing market.? The raw material inventory index was 47.7%, a decrease of 0.3 percentage points from last month, indicating that the inventory of major raw materials in the manufacturing industry continues to decrease. The employment index was 48.0%, an increase of 0.1 percentage points from the previous month, indicating a slight rebound in the employment prospects of manufacturing enterprises. The supplier delivery time index is 50.3%, an increase of 0.1 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers continues to accelerate. 2、 In July, the non manufacturing business activity index in China was 50.1%, a decrease of 0.4 percentage points from the previous month and still above the critical point. By industry, the business activity index of the construction industry was 50.6%, a decrease of 2.2 percentage points from the previous month; The service industry business activity index was 50.0%, a decrease of 0.1 percentage points from last month. From an industry perspective, the business activity index of industries such as railway transportation, air transportation, postal services, culture, sports, and entertainment is in the high prosperity range of over 60.0%; The business activity index of industries such as real estate and residential services is below the critical point. The new order index was 45.7%, a decrease of 0.9 percentage points from last month, indicating a decline in demand in the non manufacturing market. By industry, the new order index for the construction industry was 42.7%, a decrease of 2.2 percentage points from the previous month; The new order index for the service industry was 46.3%, a decrease of 0.6 percentage points from last month. The input price index was 50.3%, an increase of 0.4 percentage points from the previous month, indicating that the overall level of input prices used by non manufacturing enterprises for business activities has increased. By industry, the input price index for the construction industry was 54.5%, an increase of 6.2 percentage points from the previous month; The input price index of the service industry was 49.6%, a decrease of 0.6 percentage points from last month. The sales price index was 47.9%, a decrease of 0.9 percentage points from the previous month, indicating that the overall level of non manufacturing sales prices has decreased compared to the previous month. By industry, the sales price index of the construction industry was 49.2%, an increase of 0.9 percentage points from the previous month; The sales price index of the service industry was 47.7%, a decrease of 1.2 percentage points from the previous month. The employment index was 45.6%, an increase of 0.1 percentage points from last month, indicating a slight improvement in the employment prospects of non manufacturing enterprises. By industry, the employment index of the construction industry was 40.9%, an increase of 1.0 percentage points from the previous month; The index of service industry employees was 46.4%, unchanged from the previous month. The business activity expectation index is 55.8%, an increase of 0.2 percentage points from the previous month, and remains in a relatively high economic range, indicating that most non manufacturing enterprises remain optimistic about market development. By industry, the expected index of business activities in the construction industry is 51.6%, a decrease of 2.3 percentage points from the previous month; The expected index of business activities in the service industry is 56.6%, an increase of 0.6 percentage points from the previous month. 3、 The operation of China's comprehensive PMI output index in July was 50.2%, a decrease of 0.5 percentage points from the previous month, still above the critical point, indicating that the overall production and operation activities of Chinese enterprises have maintained expansion. (New Society)