China’s PMI August 2023

China's National Bureau of Statistics confirmed the expansion in August of the composite Purchasing Managers' Index (PMI), which includes both manufacturing and services activity, at 51.3 up from the 51.1 recorded in the previous month and well above the 50-point threshold that separates growth from contraction.

The official PMI index for China’s manufacturing sector come in at 49.7 in August up from 49.3 in July. As for services sector activity, which has been supporting the economic recovery so far, the non-manufacturing PMI index expanded in August at 51 a slower pace compared to previous months, at 51.1.

Several key indicators of the Chinese economy, particularly consumer spending and the real estate sector, are still in a phase of recovery, and the Chinese government has implemented a series of policies and financial measures whose effects will be seen in the coming months.