China’s factory activity edged back into growth in August, driven by export orders despite weak domestic demand. The Caixin/S&P Global manufacturing PMI, tracking smaller export-oriented firms, rose to 50.4 from 49.8 in July, beating expectations of 50.0. This contrasted with the official PMI, which fell to 49.1, marking a six-month low. Analysts said the divergence reflects resilient global demand versus sluggish home consumption. Natixis economist Gary Ng noted China’s export-led resilience may be temporary amid geopolitical risks, stressing stronger household sentiment is needed. With ongoing property troubles and weak consumption, China faces challenges meeting its 5% GDP target.