According to data from the National Bureau of Statistics, the purchasing managers' index (PMI) for manufacturing in July was 49.4%, a slight decrease of 0.1 percentage points from the previous month, indicating that the manufacturing sector is basically stable. In July, the non-manufacturing business activity index was 50.2%, a decrease of 0.3 percentage points from the previous month, but still above the critical point. The comprehensive PMI output index for July was 50.2%, a decrease of 0.3 percentage points from the previous month, still in the expansion range, indicating that China's enterprise production and operation activities continue to maintain expansion.