China: NBS General PMI Lowest in 35 Months.

China’s NBS Composite PMI Output Index fell to 49.7 in November 2025 from 50.0 in the previous month, marking the weakest reading since December 2022 and the first contraction in private sector business in nearly three years. Manufacturing activity declined for the eighth consecutive month, pressured by weak external demand, ongoing supply-chain adjustments, intensified domestic price competition, and cautious exporters. Meanwhile, the services sector also slipped into contraction for the first time since late 2022 as consumer sentiment cooled and firms slowed expansion. Year-end demand, which usually supports retail and leisure, provided little relief, highlighting the uneven pace of recovery. Policymakers have refrained from major stimulus beyond mid-August consumer loan incentives. Huo Lihui, a statistician at the National Bureau of Statistics, noted that China’s economic activity remained stable in November as the year-end approached.