The Caixin China General Manufacturing PMI unexpectedly declined to 48.3 in May 2025, down from April’s 50.4 and missing market forecasts of 50.6. This marked the first contraction in the sector in eight months and the steepest decline since September 2022, as output shrank alongside a renewed drop in new orders, with foreign sales declining at a faster pace. Output contraction for the first time in 19 months, falling at the fastest pace since November 2022. Meanwhile, new orders fell for the first time in eight months, at the sharpest pace since September 2022, with export orders decreasing to the lowest level since July 2023.