Chine PMI non industrielles

China’s official NBS Non-Manufacturing PMI slipped to 50.4 in April 2025 from March’s three-month high of 50.8, falling short of market expectations for a reading of 50.7. The decline reflected deeper contractions in both new orders (44.9 vs 46.6 in March) and employment (45.5 vs 45.8). Foreign demand also weakened notably (42.2 vs 49.8), amid growing concerns over the impact of rising U.S. tariffs on China’s service sector. Meanwhile, delivery times shortened slightly (50.8 vs 51.1), signaling some improvement in supply chains. On the cost front, input prices fell for the third consecutive month (47.8 vs 48.6), while selling prices also declined further (46.6 vs 46.7). Lastly, business confidence slipped to its lowest level since September 2024.