The RatingDog China General Composite PMI slipped to 51.2 in November 2025 from 51.8 in the previous month, marking its lowest level since July but still indicating private-sector expansion for the sixth consecutive month. The moderation reflected stagnant manufacturing output and a milder increase in services activity. Total new business rose at a softer pace, even as new export orders returned to growth. Meanwhile, firms continued to cut jobs amid subdued capacity pressures. On the price front, average input costs increased for a fifth straight month, but output charges fell again, suggesting firms were unable to fully pass on higher expenses. Business confidence also weakened, dropping to a seven-month low.