China’s PMI July 2023

China's National Bureau of Statistics confirmed the expansion in July of the composite Purchasing Managers' Index (PMI), which includes both manufacturing and services activity, at 51.1 down from the 52.3 recorded in the previous month, but well above the 50-point threshold that separates growth from contraction.

The official PMI index for China’s manufacturing sector come in at 49.3 in July up from 49 in June. As for services sector activity, which has been supporting the economic recovery so far, the non-manufacturing PMI index expanded in July at 51.5 a slower pace compared to previous months, at 53.2.

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.