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.
