China RatingDog Manufacturing PMI

The RatingDog China General Manufacturing PMI increased to 50.3 in January 2026 from December’s reading of 50.1, in line with market forecasts. The latest reading indicated a slight expansion in factory activity but the fastest growth since last October, as output growth accelerated modestly amid higher new orders, supported by a fresh rise in new export orders. In response to rising new orders and production, firms raised their staffing levels for the first time in three months, albeit only marginally. Purchasing activity increased, while supply conditions were unchanged. Regarding prices, input cost inflation accelerated to its highest level since last September due to higher metal prices. As a result, selling prices rose for the first time since November 2024. Looking ahead, business sentiment weakened to a nine-month low amid concerns over the outlook for economic growth and rising cost pressures.

The RatingDog China General Manufacturing PMI unexpectedly increased to 50.1 in December 2025 from November’s four-month low of 49.9, beating market forecasts of 49.8. The latest reading indicated a slight increase in factory activity, supported by higher inflows of new work despite a modest decline in new export sales. However, the improvement in demand was largely limited to the domestic market amid the government’s efforts to boost spending at home. Meanwhile, purchasing activity stagnated as companies reported sufficient inventories of raw materials and semi-finished products. Despite the rise in new orders, employment fell for the second consecutive month due to both resignations and redundancies amid cost concerns. On the price front, input cost inflation accelerated to a three-month high due to higher raw material prices. Selling prices continued to fall as firms attempted to support sales. Finally, business sentiment weakened amid lingering concerns over the growth outlook.

The RatingDog China General Manufacturing PMI fell to 49.9 in November 2025 from 50.6 in the previous month, hitting its lowest level since July and missing market forecasts of 50.5. The latest result indicated a slight drop in factory activity, with output and new orders largely stagnant amid renewed job cuts and subdued purchasing levels. Still, foreign orders rose at the fastest pace in eight months, supported by business development efforts. Meanwhile, lower purchases and improved supplier communication shortened lead times. On the cost side, input prices continued to rise due to higher metal prices, though inflation eased to the softest level in five months. At the same time, output prices fell amid intensified competition. Finally, business sentiment improved, lifted by government policies, expansion plans, and new product launches.