The RatingDog China General Composite PMI inched up to 51.3 in December 2025 from November’s four-month low of 51.2, marking a seventh consecutive month of expansion in private-sector activity. The modest improvement was supported by stronger services activity alongside a renewed increase in factory output. Total new orders rose, although the pace of growth slowed to a six-month low as export orders declined again, highlighting ongoing weakness in external demand. Meanwhile, employment continued to contract, with firms shedding jobs amid muted capacity pressures and still-subdued business confidence. On the pricing front, selling prices fell for another month, reflecting efforts to support demand in a competitive environment, even as cost pressures intensified slightly.

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