The Caixin China Manufacturing Purchasing Managers' Index (PMI) released on September 1 recorded a reading of 53.1 in August, up 0.3 percentage points from 52.8 in July, indicating a significant improvement in overall manufacturing. The Caixin PMI has been in the expansion range for four consecutive months and maintained an upward trend. Among them, manufacturing output has been in expansion range for six consecutive months, with the August index recording its highest reading since February 2011 and accelerating expansion for two consecutive months. The new order index also recorded its highest reading since February 2011, and has been in the expansion range for 3 consecutive months. Companies surveyed said customer demand, which was frustrated by the epidemic at the beginning of the year, had recovered further and sales had been boosted. The employment index was in contraction range for 8 consecutive months, and the survey showed some companies remained cautious about hiring and continued to cut payrolls to cut costs, but it was the closest it has been in eight months to the threshold. The official Manufacturing PMI released by the National Bureau of Statistics (NBS) on August 31 was 51.0, down 0.1 percentage point from the previous month. Both showed that China's manufacturing recovery continued to maintain good momentum in August, with the official PMI, dominated by large manufacturers, being basically flat, while the Caixin PMI, dominated by small and medium-sized manufacturers, continued to rise, indicating a faster recovery now.