尽管制造业中的生产、新订单与出口订单分项指标重回扩张，显示外需与科技相关产业带来支撑，但就业指标进一步恶化，且房地产低迷、极端天候以及利润率压力仍在压抑整体增长动能，导致高盛等机构预估当季经济成长率已放缓至约4%。
各界对扩大政策刺激力度的预期随之升温，市场普遍预期中国人民银行可能在今年稍晚降准，而非直接降息；然而决策层目前仍倾向采取渐进式扶持措施，9月份将成为评估后续政策决策的关键窗口期。
China's official manufacturing PMI rose to 49.8 in August, beating forecasts but remaining in contraction, while the non-manufacturing gauge for construction and services unexpectedly stalled at 49, marking its lowest level since December 2022 and highlighting sluggish domestic demand.
Although subindexes for production, new orders, and export orders rebounded into expansion territory on external demand and tech resilience, employment continued to deteriorate, with property weakness, extreme weather, and margin compression slowing estimated growth to around 4%.
The ongoing economic weakness has heightened market expectations for additional policy support, such as a potential reserve requirement ratio cut later this year, though Chinese leaders have so far favored incremental measures ahead of critical policy assessments in September. (Key numbers: 9)