中国国家统计局公布的8月经济数据显示，制造业采购经理人指数（PMI）为49.8%，非制造业商务活动指数为49.0%，两项指标均位于50%的临界点下方，反映经济总体较上月收缩 1。其中，制造业PMI环比上升0.6个百分点 1。
从细项指标看，制造业内部分化现象明显 1。大型企业制造业PMI达50.6%，高于临界点；中型企业为49.4%；小型企业为47.9%，中小企业景气度明显偏弱 1。生产指数为50.4%，新订单指数为50.6%，均处于扩张区间；从业人员指数为48.7%，环比下降0.3个百分点 1。非制造业方面，建筑业商务活动指数为46.9%，服务业商务活动指数为49.3% 1。为缓解中小企业融资困难，中国6家国有大型银行已调整贷款贴息政策，将符合条件的中小微民营企业新发放流动资金贷款纳入利息补贴范围 1。
China's National Bureau of Statistics released August economic indicators showing persistent weakness across both manufacturing and services sectors.1 The manufacturing Purchasing Managers' Index (PMI) stood at 49.8%, up 0.6 percentage points from the previous month, while the non-manufacturing business activity index remained flat at 49.0% compared to July.1 Both readings fell below the 50-point threshold that separates expansion from contraction, indicating continued overall economic contraction.1
The performance gap between firms of different sizes highlighted underlying structural challenges in the manufacturing sector.1 Large enterprises recorded a manufacturing PMI of 50.6%, above the critical threshold, but medium-sized firms posted 49.4% and small enterprises only 47.9%.1 Within the broader economy, the production index reached 50.4% and the new orders index climbed to 50.6%, though employment pressure persisted with the employment index falling to 48.7%, down 0.3 percentage points month-on-month.1 The construction sector showed particular weakness, recording a business activity index of 46.9%, while services remained subdued at 49.3%.1
In response to manufacturing and small business challenges, China's six state-owned major banks adjusted lending policies to provide interest subsidies for eligible small, medium, and micro private enterprises' newly issued working capital loans.1
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