Driven by the sustained effects of stable growth policies and the stabilization of the external environment, the Purchasing Managers' Index (PMI) for the manufacturing industry continued to rebound in June. According to data released by the National Bureau of Statistics, the manufacturing PMI for June was 49.7%, an increase of 0.2 percentage points from the previous month. Among the 21 industries surveyed, 11 are in the expansion zone, an increase of 4 from last month, indicating an expansion in the manufacturing industry's prosperity. From the perspective of sub indices, both the production and demand indices are in the expansion range. Among them, the new order index in June was 50.2%, an increase of 0.4 percentage points from the previous month, and returned to the expansion range after running below 50% for two consecutive months. In addition, manufacturing exports are gradually recovering, with the new export order index rising for two consecutive months. According to Wen Tao, an analyst at the China Logistics Information Center, "In June, with the temporary easing of Sino US economic and trade relations and the weakening of external interference factors, China's manufacturing industry returned to normal operation, the stable release of endogenous economic power, and the overall market demand stopped falling and rebounded." Wang Qing, chief macro analyst at Oriental Jincheng, believes that the policy of stabilizing growth is the main reason for the continued rebound of the manufacturing PMI index in June, especially the return of the new order index to the expansion range. He stated that the Central Politburo meeting on April 25th called for "strengthening unconventional countercyclical adjustments" and "intensifying the implementation of more proactive macro policies". Among them, the role of exchanging old for new in driving commodity consumption exceeded market expectations in May, and this trend may continue in June. In addition, on May 7th, the central bank and other departments launched a package of financial policy measures, and the newly added social financing for the sixth consecutive month maintained a year-on-year increase. The supporting role of credit easing in the macro economy is also continuing to emerge. The expansion of market demand has a strong driving effect on manufacturing production. The data shows that the production index in June was 51.0%, an increase of 0.3 percentage points from the previous month. Driven by the rebound in production and demand, the purchasing willingness of enterprises is also increasing, with a purchasing volume index of 50.2%, an increase of 2.6 percentage points from the previous month. From an industry perspective, the three key industries continue to expand. The PMI for the equipment manufacturing industry, high-tech manufacturing industry, and consumer goods industry were 51.4%, 50.9%, and 50.4%, respectively, all in the expansion range for two consecutive months. Wang Qing stated that the PMI index of high-tech manufacturing industry continues to expand, indicating that under the dual driving force of strong market demand and strong policy support, the current high-tech manufacturing industry not only has a leading growth rate, but also has strong shock resistance. Wen Bin, Chief Economist of Minsheng Bank, mentioned that the PMI of the consumer goods industry has rebounded for two consecutive months and reached the highest level of the year, indicating a continuous improvement in terminal consumer demand. Overall, in the second quarter of 2025, the manufacturing industry experienced short-term fluctuations due to changes in US tariff policies. However, China's economy demonstrated strong resilience and quickly stabilized after a short-term slowdown, with sustained internal momentum and stable production of enterprises. The manufacturing PMI rebounded for two consecutive months in May and June. ”Wentao said. Looking ahead to the future trend, Wang Qing predicts that the manufacturing PMI index in July is expected to remain around 49.7%. Considering that the manufacturing PMI index has remained in a contraction range for the past three months, it means that despite the impact of external environmental fluctuations in the second quarter and strong macroeconomic resilience, the current stable growth policy cannot be relaxed. ”Zhang Liqun, a special analyst at the China Federation of Logistics and Purchasing, suggested that we should persistently and continuously increase various policies to expand domestic demand, especially significantly strengthen government investment in public goods, expand investment scale, effectively and effectively drive a significant increase in orders for manufacturing enterprises, and promote sustained activity in manufacturing production and investment. (New Society)