China Security Times (STCN) recently reported that, according to China’s National Bureau of Statistics, China’s June manufacturing purchasing managers’ index (PMI) was 49.7 percent, still below the 50 percent line in the contraction territory. This index has fallen into the contraction range for the third consecutive month.
The New Export Orders sub-index was 47.7 percent; the Raw Materials Purchasing Price sub-index was 48.4 percent; the Factory Price sub-index was 46.2 percent; and the Employment sub-index was 47.9 percent. The manufacturing PMI of large enterprises was 51.2 percent, staying in the expansion range; the PMI of medium-sized enterprises was 48.6 percent; and the PMI of small enterprises was 47.3 percent.
Economists believe it is highly probable that the manufacturing PMI will remain below 50 percent in July. Under the tariff war, China’s “export rush” to the United States and non-US markets such as ASEAN and the EU has cooled down, and the export growth rate in July is likely to decline further.
Source: STCN, June 30, 2025
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