A State Council executive meeting presided over by Premier Li Qiang on Thursday called for stepping up efforts to improve the effectiveness of macroeconomic policies, while arranging the implementation of interest subsidies on personal consumption loans and loans to service sector businesses to better stimulate consumption and enhance market vitality.
本周四，国务院常务会议主持李强总理呼吁加大力度提高宏观经济政策的有效性，同时安排对个人消费贷款和服务业企业贷款实施利息补贴，以更好地刺激消费，增强市场活力。
As the country's latest step to boost innovation-driven growth, the State Council executive meeting approved a guideline on deeply implementing the AI Plus initiative, calling for promoting the large-scale, commercial application of artificial intelligence and advancing its accelerated adoption and deep integration across various fields of economic and social development.
作为中国推动创新驱动增长的最新举措，国务院常务会议批准了一项关于深入实施人工智能+倡议的指导方针，呼吁促进人工智能的大规模商业应用，并推进其在经济和社会发展各个领域的加速采用和深度融合。
On Thursday, the National Bureau of Statistics released the latest purchasing managers index, or PMI, data, which suggested the necessity to consolidate the resilience of the manufacturing sector and overall economic momentum in the second half of the year.
周四，国家统计局发布了最新的采购经理人指数（PMI）数据，该数据表明，下半年有必要巩固制造业的韧性和整体经济势头。
Economists called for further reinforcing support for domestic demand and employment, as the nation's manufacturing activity cooled in July amid unfavorable weather and the traditional off-season. The official PMI for the manufacturing sector stood at 49.3 in July, down from 49.7 in June, the NBS said on Thursday.
经济学家呼吁进一步加强对国内需求和就业的支持，因为在不利天气和传统淡季的影响下，该国7月份的制造业活动有所降温。国家统计局周四表示，7月份制造业官方采购经理人指数为49.3，低于6月份的49.7。
Despite the moderation, high-tech manufacturing continued to gain traction in July, highlighting the vitality of the country's industrial upgrading and reinforcing the sector's ability to withstand ongoing external challenges, experts said.
专家表示，尽管有所放缓，但高科技制造业在7月份继续获得动力，突显了该国产业升级的活力，并增强了该行业抵御持续外部挑战的能力。
Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said, "With both domestic and external demand softening, the manufacturing PMI ended its two-month rebound and declined within the contraction territory in July."
东方金诚首席宏观经济分析师王青表示：“随着国内外需求疲软，制造业采购经理人指数结束了两个月的反弹，7月份在收缩区间内下降。”
The official manufacturing PMI has stayed below the 50 mark that separates expansion from contraction for the fourth consecutive month. In July, the subindex of new orders — a barometer of market demand — dropped to 49.4 from 50.2 in June, while that of new export orders went down to 47.1 from 47.7 in the previous month.
官方制造业采购经理人指数（PMI）连续第四个月保持在50分以下，50分是扩张与收缩的分界线。7月份，作为市场需求晴雨表的新订单分项指数从6月份的50.2降至49.4，而新出口订单分项指数从前一个月的47.7降至47.1。
External headwinds dampened export momentum, while the effect of earlier policies to boost domestic demand started to wane in July, Wang said, adding that high temperatures, heavy rains and flooding in some regions disrupted production.
王说，外部逆风抑制了出口势头，而早些时候提振内需的政策的效果在7月份开始减弱，并补充说，一些地区的高温、暴雨和洪水扰乱了生产。
Downward pressures on economic growth may intensify in the third quarter, said Wang, who expects additional measures to boost domestic demand as China's relatively low levels of sovereign debt and inflation have offered ample policy room to offset a slowdown in external demand.
王表示，第三季度经济增长的下行压力可能会加剧。他预计，随着中国相对较低的主权债务和通胀水平为抵消外部需求放缓提供了充足的政策空间，将采取额外措施提振内需。
The Political Bureau of the Communist Party of China Central Committee held a meeting on Wednesday that made arrangements for economic work in the second half, emphasizing that macro policies should continue to exert force and be strengthened at an appropriate time.
中共中央政治局周三召开会议，对下半年经济工作作出部署，强调宏观政策要继续发挥作用，适时加强。
Xiong Yi, Deutsche Bank's chief economist for China, said, "If GDP growth slows faster than expected, a budget deficit increase may become necessary in the fourth quarter."
德意志银行中国首席经济学家熊奕表示：“如果GDP增长放缓速度超过预期，第四季度可能需要增加预算赤字。”
He said he anticipates that the Chinese economy will grow 4.8 percent in 2025, following its strong resilience in the first half of the year.
他说，他预计中国经济在上半年强劲复苏后，到2025年将增长4.8%。
According to Xiong, service consumption is expected to become a new driver of economic growth and employment in the second half of the year. China is enhancing its support for service consumption, with a particular focus on cultural tourism, elderly care, healthcare and domestic services.
熊表示，服务消费有望成为下半年经济增长和就业的新动力。中国正在加强对服务消费的支持，特别关注文化旅游、养老、医疗保健和家政服务。
Despite the overall decline, the PMI for high-tech manufacturing came in at 50.6 in July, while that for equipment manufacturing was at 50.3, the NBS said, indicating the sectors' capability to thrive despite challenges.
国家统计局表示，尽管整体下降，但7月份高科技制造业的采购经理人指数为50.6，而设备制造业的PMI为50.3，表明这些行业在面临挑战的情况下仍有能力蓬勃发展。
For instance, Nantong Haixing Electronics Co, an electronic energy storage materials producer based in Nantong, Jiangsu province, saw its export value exceeding 50 million yuan in the first half of 2025, marking a year-on-year increase of 67.23 percent, data from Nanjing Customs showed.
例如，南京海关的数据显示，总部位于江苏省南通市的电子储能材料生产商南通海星电子有限公司在2025年上半年的出口额超过5000万元人民币（695万美元），同比增长67.23%。
Jin Wenhui, the head of the company's foreign trade unit, said that despite intense worldwide competition, sustained investment in innovation has enabled the company to pursue industrial upgrading and remain resilient in a rapidly evolving global landscape.
该公司外贸部门负责人金文辉表示，尽管全球竞争激烈，但对创新的持续投资使该公司能够追求产业升级，并在快速发展的全球格局中保持弹性。
Guangdong Greenway Technology Co, a manufacturer of electric motorcycles and bicycles, as well as mobile energy storage systems, based in Dongguan, Guangdong province, shipped its products to more than 80 countries and regions across Europe and the Americas in the first half of the year, according to Huangpu Customs in Guangdong.
广东黄埔海关表示，总部位于广东省东莞市的电动摩托车和自行车以及移动储能系统制造商广东绿道科技有限公司上半年将其产品运往欧美80多个国家和地区。
Wu Jing, head of the company's foreign trade unit, said, "With years of development in lithium battery manufacturing, we've steadily increased our supply of high-quality, eco-friendly products amid the global shift toward energy transition, while actively exploring new markets and opportunities overseas."
该公司外贸部门负责人吴京表示：“随着锂电池制造业多年的发展，在全球能源转型的背景下，我们稳步增加了高质量、环保产品的供应，同时积极探索海外新市场和机遇。”
economic momentum
n.经济势头
/ˌiːkəˈnɒmɪk məˈmɛntəm/
budget deficit
n.预算赤字
/ˈbʌdʒɪt ˈdɛfɪsɪt/
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