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. Regarding this, Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, provided an interpretation. In August, the Purchasing Managers' Index, Non Manufacturing Business Activity Index, and Composite PMI Output Index for the manufacturing industry were 49.4%, 50.3%, and 50.5%, respectively, up 0.1, 0.2, and 0.3 percentage points from the previous month. All three indices have rebounded, and the overall level of China's economic prosperity continues to expand. 1、 The Purchasing Managers' Index for the manufacturing industry slightly rebounded in August, with the manufacturing PMI rising to 49.4%, indicating an improvement in the economic situation compared to the previous month. （1） The production and demand indices have both rebounded. The production index was 50.8%, an increase of 0.3 percentage points from the previous month, and remained above the critical point for four consecutive months, indicating an accelerated expansion of manufacturing production; The new order index was 49.5%, an increase of 0.1 percentage points from the previous month. From an industry perspective, the production index and new order index of industries such as pharmaceuticals, computer communication and electronic equipment are significantly higher than the overall manufacturing industry, indicating a faster release of production and demand; The two indices of industries such as textile and clothing, wood processing and furniture, chemical raw materials and chemical products are all below the critical point, indicating a shortage of production and demand. Driven by the recovery of manufacturing production, the procurement activities of enterprises have accelerated recently, with the procurement volume index rising to 50.4%. （2） The price index has continued to rise. The main raw material purchase price index and factory price index were 53.3% and 49.1%, respectively, up 1.8 and 0.8 percentage points from the previous month, and have rebounded for three consecutive months. The overall price level of the manufacturing market continues to improve. From an industry perspective, the purchase price index and factory price index of major raw materials in industries such as black metal smelting and rolling processing, and metal products have both risen to over 52.0%. The overall prices of raw material procurement and product sales in related industries have also increased; Both price indices for industries such as pharmaceuticals, chemical fibers, and rubber and plastic products are below the critical point. （3） The PMI of large enterprises continues to expand. The PMI of large enterprises was 50.8%, an increase of 0.5 percentage points from the previous month, exceeding the critical point for four consecutive months and accelerating the pace of expansion; The PMI of medium-sized enterprises was 48.9%, a decrease of 0.6 percentage points from last month, indicating a decline in the economic outlook; The PMI for small businesses was 46.6%, an increase of 0.2 percentage points from the previous month, indicating an improvement in the economic situation. （4） Some key industries continue to expand. The PMI for high-tech manufacturing and equipment manufacturing industries were 51.9% and 50.5%, respectively, up 1.3 and 0.2 percentage points from the previous month, indicating a continued strengthening of their supporting and leading role; The PMI for the consumer goods industry was 49.2%, a decrease of 0.3 percentage points from last month; The PMI for high energy consuming industries was 48.2%, an increase of 0.2 percentage points from the previous month, indicating a continuous rebound in economic activity. （5） The overall market expectation is positive. The expected index of production and operation activities is 53.7%, an increase of 1.1 percentage points from the previous month, and has rebounded for two consecutive months, indicating that most manufacturing enterprises have increased confidence in the future market. From an industry perspective, the expected index of production and operation activities in industries such as general equipment, railway, shipbuilding, aerospace equipment, etc. are all in the high prosperity range above 58.0%, and enterprises have more optimistic expectations for the development of the industry. 2、 The expansion of the non manufacturing business activity index accelerated in August, with a non manufacturing business activity index of 50.3%, an increase of 0.2 percentage points from the previous month, and the non manufacturing industry continued to expand. （1） The prosperity level of the service industry has significantly rebounded. The service industry business activity index was 50.5%, up 0.5 percentage points from last month and reaching a high point for the year. From an industry perspective, the business activity index of industries such as capital market services, railway transportation, air transportation, telecommunications, broadcasting and television, and satellite transmission services are all in the high prosperity range above 60.0%, with a relatively fast growth in total business volume. Among them, the business activity index of capital market services has been above 70.0% for two consecutive months; At the same time, the business activity index of retail, real estate and other industries is below the critical point, and the prosperity is relatively weak. From the perspective of market expectations, the business activity expectation index is 57.0%, an increase of 0.4 percentage points from the previous month, indicating that service industry enterprises are optimistic about the recent market development prospects. （2） The index of business activities in the construction industry has fallen. Affected by unfavorable factors such as recent hot and rainy weather, the production and construction of the construction industry have slowed down, and the business activity index is 49.1%, a decrease of 1.5 percentage points from the previous month. From the perspective of market expectations, the business activity expectation index is 51.7%, slightly higher than last month by 0.1 percentage points. 3、 The comprehensive PMI output index continued to expand in August, with a comprehensive PMI output index of 50.5%, an increase of 0.3 percentage points from the previous month, remaining in the expansion range, indicating that the overall expansion of production and operation activities of Chinese enterprises has accelerated. The manufacturing production index and non manufacturing business activity index that make up the comprehensive PMI output index are 50.8% and 50.3%, respectively. (New Society)