China's manufacturing activity shrank slightly in November as production growth came to a halt amid stagnating new orders, survey results from S&P Global showed on Monday.
The RatingDog manufacturing Purchasing Managers' Index fell to 49.9 in November from 50.6 in October. A score below 50.0 indicates contraction in the sector. Falling below the 50.0 no-change mark, the latest reading signaled the first deterioration in manufacturing sector conditions since July.
The survey showed that manufacturing output stalled due to a softening in the pace of new order growth to a near-neutral level. Nonetheless, export orders grew at the quickest pace in eight months.
Due to easing new business growth, staffing levels decreased marginally due to both resignations and redundancies. The decrease in workforce contributed to a fourth straight monthly accumulation in the level of unfinished work.
Purchasing activity decreased for the first time since June. Lead time shortened due to lower purchases and improved communication with suppliers. Stocks of purchases dropped for the first time in seven months.
On the price front, input prices continued to rise albeit at the softest pace in the current five-month sequence of increase. As firms offered discounts, average output cost decreased in November.
Business sentiment improved in November as manufacturers expect that supportive government policies, business expansion plans and new product launches would underpin growth in the year ahead.
"Looking ahead, considering the need to sprint toward the annual 5% growth target, there may be strengthened efforts on both the supply and demand sides at the end of the year," RatingDog Founder Yao Yu said. "The PMI is expected to present a weak expansion trend in December," said Yao.
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December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.