China’s official manufacturing purchasing managers’ index slipped to 49.3 in July from 49.7 the previous month, the National Bureau of Statistics said Thursday. The reading missed economists’ median estimate of 49.7 and remained below the 50-point level that separates expansion from contraction for a fourth straight month. Weak demand at home and abroad weighed on the survey. The new export orders sub-index fell to 47.1, its 15th month in contraction, while overall new orders dropped back below the expansion threshold. Officials cited seasonal factory shutdowns, high temperatures and flooding in some regions as additional drags on output. The data arrive even as Beijing and Washington maintain a 90-day tariff truce, underscoring persistent pressure on manufacturers despite a pause in new trade barriers. At a Politburo meeting a day earlier, China’s top leaders vowed to tackle “disorderly competition” and support companies hit by softer foreign demand. Financial markets took the figures as reinforcing expectations of policy support: 30-year government bond futures rose in early trading. Analysts said the latest PMI points to a moderation in industrial momentum in the second half of 2025 unless stronger fiscal or monetary measures are introduced.