China’s Composite PMI Output Index fell -0.5 pts to 50.2 in July 2025, indicating continued but slower expansion in overall business activity across manufacturing and services.

• The Manufacturing PMI declined -0.4 pts to 49.3, with weakness in new orders (49.4) and inventories (47.7); production remained above 50 at 50.5.
• Large manufacturers stayed in expansion (50.3), while small firms weakened further to 46.4.
• The Non-Manufacturing Business Activity Index slipped -0.4 pts to 50.1; construction fell sharply to 50.6, while services were flat at 50.0.
• Non-manufacturing new orders dropped to 45.7, and sales prices fell to 47.9, indicating soft demand and pricing pressure.
• Business activity expectations in both sectors remained optimistic, with the non-manufacturing outlook index rising to 55.8.