China’s official NBS Non-Manufacturing PMI stood at 50.1 in October 2025, little changed from September’s 10-month low of 50.0. The latest reading highlighted weakening economic momentum since mid-year, weighed down by a downturn in the property sector and ongoing global trade headwinds, while fiscal policy has so far been mostly unchanged to counter the slowdown. New orders (46.0 vs 46.0 in September) and employment (45.2 vs 45.0) remained subdued, while foreign sales declined further (46.2 vs 49.8). Supplier delivery times shortened slightly (50.9 vs 51.1), suggesting a modest easing in logistical pressures. On the price front, input costs fell for the second consecutive month, though at a slower pace (49.4 vs 49.0), while selling prices also declined at a milder rate (47.8 vs 47.3). Looking ahead, business confidence improved from September’s three-month low (56.1 vs 55.7), supported by signs of easing trade tensions with the U.S.