China’s industrial production expanded 4.8% year-on-year in November 2025, easing slightly from a 4.9% increase in the previous month and below market expectations of 5.0%. This marked the softest increase since August 2024, due to softer rises in manufacturing activity (4.6% vs 4.9% in October) and electricity, heat, gas, and water (4.3% vs 5.4%). Meanwhile, production of mining accelerated (6.3% vs 4.5%). Within manufacturing, 30 of 41 major industries registered growth, including automotive (11.9%), computers and communications (9.2%), railway and shipbuilding (11.9%), ferrous metal smelting and rolling (0.9%), non-ferrous metal smelting and rolling (4.8%), chemical products (6.7%), coal mining and washing (7.5%), oil and gas (5.1%), heat production (4.2%), textiles (1.8%), and food manufacturing (1.7%). For the first eleven months of the year, industrial production increased by 6.0%. On a monthly basis, industrial output rose by 0.44%.