中国制造业PMI月刊（2025年8月）

China’s manufacturing PMIpicks upto 49.4in Helen ChinHead William KongManager HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business Bldg 11of the 13 sub-indices werehigherthan their respective levels inthe previous month.For example, the new orders index rebounded by0.1pts to 49.5inAugust, pointing toa smaller contraction in market demand, and the new export orders indexedged upby0.1pts to47.2, indicatingthat export demand reduced at aslowerpace.Against thisbackdrop, the growth in production activities hasaccelerated: The output indexgained By size of enterprises,the PMI of ‘large enterprises’roseto50.8 in August from50.3 inJuly. The PMI of ‘medium enterprises’droppedto48.9 in August from49.5 in July.The The output indexclimbedto50.8 in August from50.5 in July.The outputindexof ‘largeenterprises’remainedabove theneutral level of 50,registering52.6inAugust.Meanwhile, theoutputindicesof‘medium enterprises’and‘small enterprises’stayed The new orders indexincreasedto49.5 in August from49.4 in July.The new ordersindexof‘large enterprises’remainedintheexpansionaryzone,registering51.9inAugust.Meanwhile, the new orders indicesof‘medium enterprises’and‘small The new export ordersindexedged upto47.2 in August from47.1 in July.The newexport ordersindicesof‘largeenterprises’,‘medium enterprises’and‘small enterprises’ The backlogs of orders indexroseto45.5 in August from44.7 in July.Thebacklogsof orders indicesof‘large enterprises’, ‘medium enterprises’and ‘small enterprises’ The stocks of finished goods indexdeclinedto46.8 in August from47.4 in July.Thestocks of finished goods indicesof‘largeenterprises’, ‘medium enterprises’ and ‘small The stocks of major inputs indexwent upto48.0 in August from47.7 in July. Themajor inputsindicesof‘largeenterprises’,‘medium enterprises’and‘smallenterprises’ The purchases ofinputs indexincreasedto50.4 in August from49.5 in July.Thepurchases of inputsindexof‘large enterprises’remainedinthe expansionaryzone,registering52.1inAugust.Meanwhile, the purchases of inputs indicesof‘medium The imports indexedged up to 48.0 in August from47.8 in July.Theimports indicesof‘large enterprises’,‘mediumenterprises’and‘small enterprises’all stayedbelow the The input prices indexjumpedto53.3 in August from51.5 in July. Theinput pricesindicesof‘large enterprises’,‘medium enterprises’and‘small enterprises’ allremained Theex-factory prices indexreboundedto49.1 in August from48.3 in July.1Theex-factory prices indicesof‘largeenterprises’,‘mediumenterprises’and‘small The employment indexfellto47.9 in August from48.0 in July.Theemployment indicesof‘largeenterprises’,‘medium enterprises’and ‘small enterprises’all stayedinthe The suppliers’ delivery time indexcame in at50.5inAugust, up from50.3in July.Areading above 50 implies faster delivery; below 50, slower delivery. The suppliers’delivery time indices of ‘large enterprises’, ‘medium enterprises’ and ‘small enterprises’ The business expectations indexroseto53.7 in August from52.6 in July.2The businessexpectations indices of ‘large enterprises’,‘medium enterprises’and ‘small enterprises’ CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It is jointly published by Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index based on the seasonally adjusted indices for five of the sub-indicators with varying weights: NewOrders—30%; Output—25%; Employment—20%;Suppliers’ Delivery Time—15%; and Stocks of Major Inputs—10%. A PMI readingabove 50 Currently there