China Business Confidence

Last Release

Sep 30, 2025

Actual

49.8

Units In

Points

49.4

Frequency

Monthly

Next Release

Oct 31, 2025

Time to Release

25 Days 19 Hours

Highest	Lowest	Average	Date Range	Source
59.2 Apr 2008	35.7 Feb 2020	51.23 Points	2005-2025	National Bureau of Statistics of China

In China, the NBS Manufacturing Purchasing Manager Index measures the performance of the manufacturing sector and is derived from a survey of more large-scale, state-owned companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. .

Latest Updates

China’s official NBS Manufacturing PMI rose to 49.8 in September 2025 from 49.4 in the prior month, topping market forecasts of 49.7. While factory activity contracted for the sixth straight month, the pace of decline was the slowest in the sequence, as manufacturers anticipated additional policy support from the government to boost domestic demand, ahead of the October plenum, and clearer signals on a U.S. trade agreement. Output grew for the fifth month in a row and at the strongest pace since March (51.9 vs 50.8 in August). Also, buying levels rose the most in six months (51.6 vs 50.4). Meantime, new orders (49.7 vs 49.5), foreign sales (47.8 vs 47.2), and employment (48.5 vs 47.9) all shrank at a softer rate. Delivery times shortened to a seven-month high (50.8 vs. 50.5). On prices, input costs remained near their highest level since October 2024 (53.2 vs 53.3), but a decline in selling prices deepened (48.2 vs 49.1). Finally, confidence notched a seven-month peak (54.1 vs. 53.7).