The global manufacturing purchasing managers' index (PMI) for August remained unchanged from the previous month at 48.9, marking the fifth consecutive month below the 50 threshold.
This signals continued weakness in the global manufacturing sector, according to the data released by the China Federation of Logistics and Purchasing (CFLP) on Friday.
By regions, Asia's manufacturing PMI dipped 0.2 percentage points from July to 50.6, but remained above 50 for the eighth straight month.
Meanwhile, the index of Europe and the Americas saw slight improvements but remain below 50, indicating persisting weakness.
Africa's manufacturing PMI fell to 48.4, a 1.7-percentage-point drop from last month.
Experts say the global economy remains weak, indicating that downward pressure persists. Lingering geopolitical conflicts, high interest rates and insufficient policy stimulus continue to plague recovery efforts worldwide.
"From the global perspective, effectively addressing economic downturns requires major economies to strengthen coordination of macroeconomic policies, particularly minimizing the negative spillover effects of policy adjustments, and enhance, stabilize and consolidate trade and economic cooperation," said Xu Hongcai, deputy director of the Economic Policy Commission under the China Association of Policy Science.
Global economy remains weak as manufacturing PMI remains flat
The ongoing China International Fair for Trade in Services (CIFTIS) has attracted scores of new participants this year, with repeat participants also making their mark at the fair.
Themed "Global Services, Shared Prosperity," the trade fair, opened in China's capital city Beijing on Thursday and runs till Monday.
The CIFTIS is becoming more and more international, with a total of 36 Belt and Road partners showcasing their products.
Tharaka Dissanayake who works at the Sri Lankan Embassy in China has participated in the fair many times. He came to promote tea culture this time and believes that tea culture can better strengthen cooperation and exchanges between the two countries.
"For any commodity, it's a huge market. Obviously, this is one of the greatest platforms close to the Chinese consumer, to introduce ourselves, introduce our products, whatever the services or innovation," said Abeysekara, third secretary of the Sri Lankan Embassy in China.
An old friend of the fair was playing an African drum and the rhythmic sound attracted a large crowd.
"I'm here again. Many people took my WeChat and my contact, my number. So they called me, they ordered and they need more," said a Ghanaian exhibitor.
Dewi Avilia, Counselor for Social and Cultural Affairs at the Indonesian Embassy in China, is also attending the exhibition for the second time. She emphasized the need to promote cultural tourism as recent policies have made it easy for more Indonesian friends to travel to China.
"Chengdu and Chongqing have become two of the most popular tourist destinations for Indonesia. A lot of people now are not only talking about Shanghai, but are also talking about Chengdu, visiting the pandas and also Chongqing, because of the landscape. I think it is a good start," said Avilia.
This year's fair has also attracted huge number of new participants showcasing quality products.
"This is my first time. It's a great opportunity that we are able to showcase our products and to let people know about Uganda and Ugandan culture," said Mukisa Joseph, a Ugandan exhibitor.
"The expectations about this fair is to meet many people in the coffee industry. So far we have had a lot of consumers who are interested in roasted coffee. I'm still expecting more," said Mutijima Emma, a Rwandan exhibitor.
An Uzbek exhibitor, who is also a newcomer, initially intended to use this platform to promote his goods, but unexpectedly met partners from many other countries and found potential business opportunities here.
"This is a good platform to see the different global products and see the Chinese market all together. I met so many different people, but I also met many foreign people who are interested in our products. So I call these kind of events more like a globalization event," said Asilbek Khonkhujaev, an Uzbek exhibitor.
The fair has attracted attendees from 85 countries and international organizations, with over 450 Fortune 500 enterprises and companies taking the lead in their respective industries.
Newcomers, old friends gather at CIFTIS to seek new opportunities
