The RatingDog China General Manufacturing PMI declined to 50.6 in October 2025, down from September’s six-month high of 51.2 and below the market consensus of 50.9. The slowdown in factory activity expansion came amid softer growth in both new orders and output. New orders were supported by stronger domestic demand, while foreign sales fell at the fastest pace since May, reflecting rising trade uncertainty. Meanwhile, the sustained increase in new work inflows spurred a fresh rise in employment for the first time in seven months and at the fastest pace in more than two years. Purchasing activity also rose for a fourth straight month. On prices, input costs continued to rise, albeit at a softer pace, driven by higher raw material and metal prices and tighter supply conditions. Meanwhile, selling prices fell as businesses sought to support sales. Finally, business sentiment slipped to its lowest level in six months amid greater trade uncertainty.