The NBS Manufacturing PMI rose 0.2 pts to 49.7, remaining in contraction but showing improvement; production (51.0) and new orders (50.2) moved above 50, while employment declined slightly to 47.9.

• Large manufacturers expanded (PMI at 51.2), while small firms contracted sharply (47.3); medium firms remained just below neutral (48.6).
• The Non-Manufacturing Business Activity Index edged up 0.2 pts to 50.5, with construction improving to 52.8 and services steady at 50.1; employment remained weak at 45.5.
• New export orders and input prices improved in both sectors; manufacturing export orders rose to 47.7 and non-manufacturing export orders to 49.8.
• Business activity expectations remained optimistic at 55.6, though slightly lower than May (55.9).

China’s Composite PMI Output Index rose 0.3 pts to 50.7 in June 2025, signaling a modest acceleration in overall economic activity, with both manufacturing and non-manufacturing sectors contributing to the expansion.