Chine Confiance Des Entreprises

China’s official NBS Manufacturing PMI fell to 49.0 in October 2025, down from 49.8 in September and below forecasts of 49.6, marking the lowest level since April. Efforts to boost overseas demand have largely intensified price competition rather than increased sales. The decline also marked the seventh consecutive month of contraction, with output shrinking for the first time in six months (49.7 vs 51.9 in September) and new orders declining at a faster pace (48.8 vs 49.7). Foreign sales fell at the steepest rate since April (45.9 vs 47.8), and buying levels declined the most in five months (49.0 vs 51.6). Employment also contracted at a slightly faster pace (48.3 vs 48.5), while delivery times lengthened the most in five months (50.0 vs 50.8). On the price front, input cost inflation eased to a three-month low (52.5 vs 53.2), while selling prices fell at the steepest pace since June (47.5 vs 48.2). Looking ahead, business confidence weakened to a three-month low (52.8 vs 54.1).