The manufacturing purchasing managers' index rose slightly in November, while the non-manufacturing business activity index declined.

On November 30, 2025, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index (PMI). Huo Lihui, Chief Statistician of the Service Industry Survey Center of the National Bureau of Statistics, provided an interpretation.

In November, the Manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the Non-Manufacturing Business Activity Index was 49.5%, down 0.6 percentage points from the previous month; and the Composite PMI Output Index was 49.7%, down 0.3 percentage points from the previous month. Overall, my country's economic activity remained stable.

I. Manufacturing Purchasing Managers' Index (PMI) Rises Slightly

In November, the manufacturing PMI rose to 49.2%, indicating an improvement in the business climate.

(I) Improvement on Both the Supply and Demand Sides. The production index and new orders index were 50.0% and 49.2% respectively, up 0.3 and 0.4 percentage points from the previous month. The production index reached the critical point, indicating improvement on both the supply and demand sides of the manufacturing sector. By industry, the production and new orders indices for agricultural and sideline food processing, and non-ferrous metal smelting and rolling processing were both in the expansion range, indicating relatively active supply and demand. However, both indices for petroleum, coal and other fuel processing, and chemical fiber and rubber and plastic products were below the critical point, indicating a low level of business climate.

(II) Small Enterprise PMI Rises Significantly. The PMI for large enterprises was 49.3%, down 0.6 percentage points from the previous month, indicating a decline in business activity. The PMI for medium-sized enterprises was 48.9%, up 0.2 percentage points from the previous month, showing some improvement. The PMI for small enterprises was 49.1%, up 2.0 percentage points from the previous month, reaching a near six-month high, indicating a significant rebound in business activity.

(III) High-tech manufacturing maintained expansion. The PMI for high-tech manufacturing was 50.1%, remaining above the critical point for ten consecutive months, with related industries continuing to grow. The PMIs for equipment manufacturing and consumer goods were 49.8% and 49.4%, respectively, down 0.4 and 0.7 percentage points from the previous month. The PMI for high-energy-consuming industries was 48.4%, up 1.1 percentage points from the previous month, indicating a low-level recovery in business activity.

(IV) Market expectations remained stable with a slight upward trend. The production and operation activity expectation index was 53.1%, up 0.3 percentage points from the previous month, indicating that manufacturing enterprises had strengthened their confidence in recent market developments. From an industry perspective, the expected production and operation activity indices for industries such as non-ferrous metal smelting and rolling, railway, shipbuilding, aerospace equipment, etc. are all in a relatively high prosperity range of above 57.0%, and related companies are more optimistic about the industry's development.

II. Non-Manufacturing Business Activity Index Declines

In November, the non-manufacturing business activity index was 49.5%, down 0.6 percentage points from the previous month, indicating a decline in the non-manufacturing sector's business activity level.

(I) Service Sector Business Activity Index Declines. Affected by factors such as the fading holiday effect, the service sector business activity index was 49.5%, down 0.7 percentage points from the previous month. By industry, the business activity indices for railway transportation, telecommunications, broadcasting, television and satellite transmission services, and monetary and financial services were all above 55.0%, indicating a relatively high level of business activity and rapid growth in total business volume. The business activity indices for real estate and residential services were below the critical point, indicating weak market activity. In terms of market expectations, the business activity expectation index was 55.9%, down 0.2 percentage points from the previous month, but still within a relatively high level of business activity, indicating that service sector enterprises remain optimistic about future market development.

(II) Construction Industry Business Activity Index Rebounds. The construction industry business activity index was 49.6%, up 0.5 percentage points from the previous month, indicating an improvement in the construction industry's business activity level. From the perspective of market expectations, the business activity expectation index was 57.9%, up 1.9 percentage points from the previous month, indicating that construction companies' confidence in the recent development of the industry has rebounded.

III. Composite PMI Output Index Declines

Slightly In November, the composite PMI output index was 49.7%, down 0.3 percentage points from the previous month. The manufacturing production index and the non-manufacturing business activity index, which constitute the composite PMI output index, were 50.0% and 49.5%, respectively.