China's Manufacturing Sector Contracts for Second Month, Pace of Decline Slows

China's official manufacturing Purchasing Managers' Index (PMI) rose to 49.8 in August, up from 49.2 in July, but remained below the 50-mark, signaling a second consecutive month of contraction in factory activity. This indicates an uneven economic recovery, with persistent weak domestic demand and a struggling property sector despite some improvement in output and new orders. The government plans modest support to meet its annual growth target.