Chine PMI non industrielles

China’s official NBS Non-Manufacturing PMI slipped to 50.0 in September 2025, down from both the August reading and market estimates of 50.3. It was the lowest figure since November 2024, as authorities showed little urgency to introduce major stimulus after rolling out a series of consumer loan subsidies in mid-August. New orders (46.0 vs 46.6 in August) and employment (45.0 vs 45.6) contracted at a faster pace, while the decline in foreign sales eased slightly (49.8 vs 48.8). Supplier delivery times shortened modestly (51.1 vs 51.3), reflecting a slight easing in logistical pressures. On the price front, input costs fell after two months of increases (49.0 vs 50.3), and selling prices dropped the most in four months (47.3 vs 48.6). Looking ahead, business confidence softened to a three-month low (55.7 vs 56.2) amid ongoing trade uncertainty.