国家统计局公布：49.3%

Core Insights - The July Purchasing Managers' Index (PMI) data indicates a slight decline in China's manufacturing and non-manufacturing sectors, reflecting economic pressures [1][3][4] Manufacturing Sector - The manufacturing PMI for July is reported at 49.3%, a decrease of 0.4 percentage points from the previous month, indicating contraction [1][3] - The production index and new orders index are at 50.5% and 49.4%, respectively, showing a decline of 0.5 and 0.8 percentage points, suggesting a slowdown in market demand [5] - Despite the decline, the manufacturing sector shows resilience with high-tech and equipment manufacturing PMIs remaining above the critical point [5] Non-Manufacturing Sector - The non-manufacturing business activity index stands at 50.1%, down 0.4 percentage points from June, but still above the critical threshold [1][6] - The service sector remains stable, with a business activity index of 50.0%, slightly down by 0.1 percentage points [6] - The summer holiday effect positively influences service-related sectors such as transportation and entertainment, with indices exceeding 60.0% [6] Economic Outlook - Experts suggest that the fluctuations in the manufacturing PMI are primarily due to short-term factors, and the foundation for economic recovery remains solid [4] - The construction sector is experiencing a slowdown due to adverse weather conditions, but is expected to rebound as the rainy season ends [6][7]