In August, the composite PMI output index was 54.5%, up 0.4 percentage points over last month. Indicating the production and operation of Chinese enterprises continued to recover. In August, China’s Manufacturing Purchasing Managers Index was 51.0%, slightly down by 0.1 percentage points from last month. New orders index was 52.0%, up by 0.3 percentage point from last month, rising for four consecutive months. Manufacturing exports improved further, with an index of new export orders for the month at 49.1%, up by 0.7 percentage points from last month. The market gradually improved and the price index rose. Main Raw Material Purchase Price Index and producer price index were 58.3% and 53.2%, up by 0.2 and 1.0 percentage points from last month respectively. The survey also showed the PMI for small enterprises was 47.7%, fell 0.9 percentage points over last month and still stay below the threshold. The non-manufacturing business activities index and composite PMI output index were 55.2% and 54.5%, respectively, up by 1.0 and 0.4 percentage points from last month. All three indices remained above the threshold for six consecutive months. In terms of different industry, the business activity index of transportation, telecommunications and other industries stayed above 60.0% for four consecutive months, and the total business volume has continued to recover rapidly. With the stabilization of the COVID-19 prevention situation in China, consumer demand has been released at a faster pace, accommodation, catering, culture, sports and entertainment sectors have resumed operations in an orderly manner, the market has become more active, and the business activity index has continued to rise, all above 57.0%. Driven by the overall economic recovery, the business activity index of leasing and business services has risen above the threshold for the first time since the outbreak of the COVID-19 epidemic. In terms of market expectations, the expected index of business activities is 61.3%, basically unchanged from the previous month, with railway transport, air transport, accommodation, Internet software and other industries above 65.0%. The confidence of enterprises in development is stable.