China Factory Activity Contracts in November
- Here's a summary of the key economic points from the provided text, focusing on China's November 2025 performance:
- * Manufacturing PMI: * Caixin PMI: Expanded unexpectedly in June 2025, but in November 2025, manufacturing production growth halted as new orders nearly stalled.
- In essence, the data paints a picture of a slowing Chinese economy, with manufacturing struggling, the non-manufacturing sector contracting, and significant weakness in the property market.
Here’s a summary of the key economic points from the provided text, focusing on China’s November 2025 performance:
* Manufacturing PMI:
* Caixin PMI: Expanded unexpectedly in June 2025, but in November 2025, manufacturing production growth halted as new orders nearly stalled. New export orders did show a strong recovery,expanding at the fastest pace in eight months.
* S&P global/RatingDog PMI: confirmed the halt in manufacturing production growth. Manufacturers reduced workforce, purchasing, and were cautious with inventory.
* December Outlook: Yu (RatingDog) expects a “weak expansion” in factory activity for December.
* Non-Manufacturing PMI: Fell to 49.5, marking the first contraction as December 2022, driven by weakness in real estate and residential services.
* Overall economic Slowdown: November data suggests the economic slowdown worsened in the final quarter of 2025.
* Investment: Fixed-asset investment declined 1.7% in the first ten months of the year (worst since 2020), with a sharp 11.4% drop in October alone.
* Property Sector: Property investment continued to shrink, down 14.7% in the first ten months, widening from previous declines.
* Growth Target: Policymakers are working towards an annual growth target of “around 5%.”
In essence, the data paints a picture of a slowing Chinese economy, with manufacturing struggling, the non-manufacturing sector contracting, and significant weakness in the property market.