Chine Confiance Des Entreprises

China’s official NBS Manufacturing PMI edged up to 49.2 in November 2025 from October’s six-month low of 49.0, matching market expectations. However, it marked the eighth straight month of decline in factory activity, as manufacturers faced persistently weak demand, intensified price competition at home, and cautious export sentiment amid global uncertainty. New orders fell for the fifth consecutive month (49.2 vs 48.8 in October), while foreign sales (47.6 vs 45.9), purchasing activity (49.5 vs 49.0), and employment (48.4 vs 48.3) all remained weak. At the same time, output stagnated after October’s first decrease in six months (50.0 vs 49.7), and delivery times were broadly steady (50.1 vs 50.0). On inflation, input costs rose for the fifth consecutive month, with a faster pace of increase (53.6 vs. 52.5). Selling prices continued to fall, albeit at a slower rate (48.2 vs. 47.5). Finally, business confidence strengthened from October’s three-month low (53.1 vs 52.8).