China: Manufacturing and non-manufacturing PMIs rise in December
Latest reading: China’s official manufacturing PMI from the National Bureau of Statistics edged back into expansion territory in December 2025 (50.1 vs 49.2 in November), defying expectations and improving on the previous month’s reading. This marked the first pickup in factory activity since March, supported by renewed growth in output and purchasing activity for the first time in three months. New orders also returned to growth for the first time since mid-year and at their strongest pace in several months, while the contraction in export orders eased notably, indicating some stabilization in external demand.
At the same time, the official non-manufacturing PMI rose further in December (to 50.2 from 49.5 in November), reaching its highest level since late summer and outperforming market expectations. Although new orders and employment continued to decline, the pace of contraction moderated, while foreign demand remained subdued overall.