China's manufacturing purchasing managers' index rose by 0.4 percentage points month-on-month in September

The China Manufacturing Purchasing Managers Index (PMI) for September 2025 released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Procurement was 49.8%, up 0.4 percentage points from the previous month. In terms of enterprise size, the PMI of large enterprises was 51%, up 0.2 percentage points from the previous month; the PMI of medium-sized enterprises was 48.8%, down 0.1 percentage point from the previous month; the PMI of small enterprises was 48.2%, up 1.6 percentage points from the previous month. Judging from the 13 sub-indexes, compared with the previous month, the production index, new order index, new export order index, finished product inventory index, procurement volume index, import index, raw material inventory index, practitioner index, supplier distribution time index and production and operation activity expectations index rose, with the index rising by between 0.1 and 1.4 percentage points; the backlog order index, purchase price index and factory price index fell, with the index falling by between 0.1 and 0.9 percentage points.

The PMI index continued to rebound slightly in September, indicating that the comprehensive effects of a number of policies on stabilizing growth have further emerged. The production index has rebounded significantly, and the procurement volume index and production and operation activity expectations index have rebounded, indicating that there are signs of recovery in the production and operation activities of enterprises. At the same time, it is necessary to note that price indexes have fallen to varying degrees, indicating that the market oversupply is still prominent; order indexes are all below the boom and bust line, and the problem of insufficient demand still needs to be paid close attention. Overall, the current policy-driven economic recovery factors and the market-guided economic contraction forces are still in a fierce struggle. We must significantly increase the countercyclical adjustment of macroeconomic policies, significantly expand the scale of government investment in public products and public services, effectively and effectively drive the increase of enterprise orders, drive the continuous recovery of enterprise production and investment activities, and continue to improve the employment situation. We must effectively activate corporate investment and residents' consumption needs with sufficient strength, so that the super-large domestic demand market can get rid of the market-guided contraction trend as soon as possible and turn to the track of continuous active expansion as soon as possible.

The production index was 51.9%, up 1.1 percentage points from the previous month. The new order index was 49.7%, up 0.2 percentage points from the previous month. The new export order index was 47.8%, up 0.6 percentage points from the previous month. The backlog of orders index was 45.2%, down 0.3 percentage points from the previous month. The finished product inventory index was 48.2%, up 1.4 percentage points from the previous month. The procurement volume index was 51.6%, up 1.2 percentage points from the previous month. The import index was 48.1%, up 0.1 percentage point from the previous month.

The purchase price index was 53.2%, down 0.1 percentage point from the previous month. The factory price index was 48.2%, down 0.9 percentage points from the previous month. The raw material inventory index was 48.5%, up 0.5 percentage points from the previous month. The employee index was 48.5%, up 0.6 percentage points from the previous month. The supplier delivery time index was 50.8%, up 0.3 percentage points from the previous month. The expected index of production and operation activities was 54.1%, up 0.4 percentage points from the previous month.

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