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China's manufacturing purchasing managers' index (PMI) came in at 49.3 in July, down 0.4 points from the previous month, according to data released by the National Bureau of Statistics (NBS) on Thursday. 

The PMI for China's non-manufacturing sector stood at 50.1, while the composite PMI reading was 50.2. Both figures stayed above the expansion threshold, pointing to overall growth in business and production activities.

Production continued to expand in July, particularly among large enterprises, which maintained positive momentum. The PMI for large enterprises registered at 50.3, with the production and new order indices at 52.1 and 50.7, respectively—marking three consecutive months in expansion territory. The data reflects sustained operational stability and resilience among major manufacturers.

Zhao Qinghe, a senior NBS statistician, said market sentiment is improving, citing the production and business activity expectations index, which rose to 52.6—up 0.6 points from June. The rise signals growing confidence among manufacturing firms in response to recent market trends.

He Hui, vice president of the China Federation of Logistics & Purchasing, noted that while the manufacturing PMI saw a moderate decline due to short-term factors, production levels remained in the expansion range. He added that production and new orders in equipment manufacturing and high-end manufacturing stayed above the 50-point mark, underlining a stable base for high-quality economic growth and the sustained contribution of emerging growth drivers.

The non-manufacturing sector also remained in expansion, with the business activity index at 50.1. Construction activity moderated slightly, with its business activity index at 50.6.