Core Viewpoint - The manufacturing PMI declined in July, influenced by seasonal factors and the implementation of "anti-involution" policies aimed at capacity management in key industries, which has led to an increase in raw material prices. Additionally, weak real estate demand has negatively impacted domestic demand [1]. Manufacturing Sector - In July 2025, the manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from the previous month. The construction business activity index was 50.6%, down 2.2 percentage points, while the services business activity index was 50.0%, a slight decline of 0.1 percentage points [2]. - The marginal decline in manufacturing PMI aligns with seasonal trends, with some regions experiencing supply and demand disruptions due to extreme weather conditions. There is a notable divergence in PMI performance between large and small enterprises [2]. - Production has entered a low season, with demand showing a greater-than-seasonal slowdown. Certain sectors, such as railway, shipping, aerospace, and computer communication, continue to see new orders in the expansion zone, likely due to ongoing equipment upgrade policies. Conversely, sectors like chemical raw materials and non-metallic mineral products remain below the critical point due to insufficient end-demand amid real estate pressures [2]. Services Sector - The service sector remains stable, supported by seasonal factors. The tourism-related industries have seen increased activity due to summer holiday effects, with transportation, postal, and entertainment sectors maintaining high business activity indices. However, real estate and residential services are in contraction zones, indicating weaker performance [3]. - The construction industry has experienced a greater-than-seasonal decline in activity, primarily due to weak real estate demand and a slowdown in fiscal spending on infrastructure projects. Future improvements in construction activity are anticipated, supported by major projects like the Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan [3]. Policy and Investment Outlook - The central political bureau meeting in July emphasized the need for sustained macro policy efforts and timely enhancements. The focus should be on three main lines: first, the "anti-involution" policies are expected to adjust supply-side dynamics in certain industries, potentially boosting price levels; second, 69 billion yuan in special long-term bonds for consumer upgrades will be allocated in July, with remaining funds to be disbursed in October, supporting consumption; third, urban renewal projects are likely to enhance investment, particularly in municipal infrastructure and the renovation of old urban areas [4].

Group 1: Manufacturing PMI Insights - In July 2025, the manufacturing PMI decreased to 49.3%, down 0.4 percentage points from the previous month[6] - The production index for July was 50.5%, reflecting a seasonal decline of 0.5 percentage points[13] - The new orders index fell to 49.4%, a decrease of 0.8 percentage points, indicating a stronger-than-seasonal decline in demand[13] Group 2: Sector Performance - The construction business activity index was 50.6%, down 2.2 percentage points, influenced by weak real estate demand and slowing fiscal spending on infrastructure projects[27] - The services business activity index remained stable at 50.0%, with tourism-related sectors performing well during the summer[25] - In key industries, the equipment manufacturing PMI was 50.3%, while the consumer goods industry PMI dropped to 49.5%, down 0.9 percentage points[12] Group 3: Raw Material Prices and Inventory - The main raw material purchase price index rose to 51.5%, an increase of 3.1 percentage points, marking the first rise above the critical point since March 2025[19] - The procurement index fell to 49.5%, down 0.7 percentage points, indicating reduced purchasing activity due to insufficient domestic demand[21] - The raw material inventory index decreased to 47.7%, down 0.3 percentage points, suggesting continued reduction in inventory levels[21] Group 4: Policy and Economic Outlook - The central political bureau emphasized the need for sustained macroeconomic policy efforts, including timely fiscal measures[29] - A total of 69 billion yuan was allocated in July for consumer support initiatives, with additional funds expected in October[29] - Urban renewal projects are anticipated to boost investment, particularly in municipal infrastructure and renovation of old neighborhoods[29]

在全球经济复苏动能不足、单边主义抬头、国际经贸规则面临重构的复杂形势下，商务部近日召开美资 企业圆桌会，再次向国际社会传递维护多边主义、持续打造一流营商环境的明确信号，也反映出中国深 化制度型开放、维护多边贸易体系的坚定立场。 中国始终是外资企业实现互利共赢的战略平台。改革开放40多年，外资企业与中国共同成长，贡献了中 国三分之一的进出口、四分之一的工业增加值，创造了3000多万个就业岗位。即便在全球直接投资大幅 波动的2024年，中国新设外资企业仍达5.9万家，同比增长9.9%，外商直接投资收益率稳定在9%的全球 高位。截至目前，外商在华投资覆盖20个行业门类、115个行业大类，累计设立企业124万家，投资额近 3万亿美元。 外资企业来华投资，促进了中国技术和管理进步，带动了中国经济增长和就业，助推了中国改革开放。 这份跨越40多年的信任票，印证了中国市场从要素开放到制度开放的转型升级，更彰显了"与中国同行 就是与机遇同行"的实践逻辑。 当前，中国正以制度型开放重塑全球投资新标杆。《2025年稳外资行动方案》对外发布，将进一步扩大 电信、医疗领域开放试点；有序扩大教育、文化领域自主开放实施方案；进一步抓好《 ...

Core Viewpoint - The Chinese government is set to implement a special action plan to boost consumption and support private enterprises in emerging and future industries, alongside significant infrastructure projects [2]. Group 1: Economic Initiatives - The National Development and Reform Commission (NDRC) will soon release a special action plan aimed at boosting consumption [2]. - In the previous year, over 8,000 major projects were introduced to private capital, with plans to support investments in emerging and future industries this year [2]. - The NDRC aims to combine the cultivation of new momentum with the upgrading of traditional momentum, focusing on fostering emerging industries and future industries [2]. Group 2: Infrastructure and Investment - The government plans to launch attractive major projects in sectors such as railways, water conservancy, and nuclear power [2]. - A National Venture Capital Guidance Fund will be established to enhance and strengthen innovative enterprises [2]. Group 3: Industry Structure - The NDRC will issue specific plans to resolve structural contradictions in key industries, promoting the exit of outdated and inefficient production capacities [2]. - The initiative aims to expand the supply of mid-to-high-end production capacities to better meet market demand changes [2].