A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
Both production and demand sides saw improvement. The sub-index for production stood at 50—up by 0.3 pp from the previous month. On the demand side, the sub-index for new orders came in at 49.2—up by 0.4 pp.
The PMI for small enterprises saw a significant rebound, standing at 49.1—up by 2 pps 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 pp, while the reading for medium-sized enterprises stood at 48.9—up by 0.2 pp.
Market expectations remained stable with a slight upward trend. The sub-index for production and operation activity expectation stood at 53.1—up by 0.3 pp from October, indicating that manufacturing enterprises have grown more confident in recent market developments.
Meanwhile, latest PMI data by S&P Global Ratings showed business conditions in the country’s manufacturing sector declined midway through the final quarter (Q4) of 2025.
Manufacturing production growth came to a halt as new orders nearly stalled in November. This was despite a renewed rise in new orders from abroad, the rating agency said.
Consequent of softer new business growth, Chinese manufacturers lowered their staffing and purchasing levels and were cautious with their inventory holdings.
S&P Global Ratings observed business confidence improving in the country since October. Manufacturers continued to lower their selling prices in November, despite ongoing cost inflation.
The headline seasonally-adjusted S&P Global PMI for the manufacturing sector fell to 49.9 in November, down from 50.6 in October. Following three straight months of expansion, manufacturing production stalled in the penultimate month of the year.
The softening of new business growth led to renewed job shedding in November.
Purchasing activity declined for the first time since June, albeit only fractionally. Chinese manufacturers reportedly pared back their input purchases as the rate of new business growth slowed, S&P Global Ratings added.
ALCHEMPro News Desk (DS)
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