The purchasing managers’ index (PMI) for China’s manufacturing sector stood at 49.2 in November, up 0.2 percentage points from the previous month, official data showed Sunday.<\/p>\n\n\n\n
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.<\/p>\n\n\n\n
Both production and demand sides saw improvement. The sub-index for production stood at 50.0, up 0.3 percentage points from the previous month — reaching the critical threshold. On the demand side, the sub-index for new orders came in at 49.2, up 0.4 percentage points, according to the National Bureau of Statistics (NBS).<\/p>\n\n\n\n
Regarding specific industries, the production and new order indices for sectors such as agricultural food processing and non-ferrous metal smelting were located in the expansionary zone, indicating active production and demand.<\/p>\n\n\n\n
The PMI for small enterprises saw a significant rebound, standing at 49.1 — up 2 percentage points from the previous month to reach a six-month high. The PMI for large enterprises came in at 49.3, a drop of 0.6 percentage points, while the reading for medium-sized enterprises stood at 48.9, up 0.2 percentage points.<\/p>\n\n\n\n
High-tech manufacturing continued to expand, with its PMI standing at 50.1 — remaining above the critical point for 10 consecutive months, according to the NBS.<\/p>\n\n\n\n
Market expectations remained stable with a slight upward trend. The sub-index for production and operation activity expectation stood at 53.1, up 0.3 percentage points from October, indicating that manufacturing enterprises have grown more confident in recent market developments.<\/p>\n\n\n\n
Zhang Liqun, an analyst with the China Federation of Logistics and Purchasing (CFLP), noted that the slight rebound in the November PMI indicates an improvement in market confidence.<\/p>\n\n\n\n
Zhang attributed this positive shift to factors including the inspiring goals for the 15th Five-Year Plan (2026-2030), noting that these factors have effectively boosted market sentiment, driving increases across the indices for production, demand, purchasing volume, and business expectations.<\/p>\n\n\n\n
NBS data showed Sunday that the PMI for China’s non-manufacturing sector came in at 49.5 in November, down 0.6 percentage points from the previous month.<\/p>\n\n\n\n
He Hui, vice president of the CFLP, attributed the moderation in non-manufacturing operations primarily to seasonal factors.<\/p>\n\n\n\n
He noted that the service sector witnessed a pullback following the high base established during the “golden week” holiday in the previous month, but predicted that consumption demand related to year-end festivals is expected to drive a recovery in the sector.<\/p>\n\n\n\n
Looking ahead, Wen Tao, an expert with the China Logistics Information Center, expressed optimism for the market trajectory.<\/p>\n\n\n\n
Wen noted that as industries enter the final sprint of the year — a crucial node for policy implementation and capital deployment — market demand has further room to stabilize and rebound, which will continue to support a steady increase in manufacturing production. <\/p>\n\n\n\n