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2nd LD-Writethru-Economic Watch: China's overall economic output remains stable in October

Xinhua
| October 31, 2025
2025-10-31

BEIJING, Oct. 31 (Xinhua) -- China's overall economic output remained generally stable in October 2025, a chief statistician with the National Bureau of Statistics (NBS) said on Friday, when commenting on the latest composite purchasing managers' index (PMI) output data.

In October, China's composite PMI output index stood at 50.0 -- 0.6 percentage points lower than the previous month, according to Friday's NBS data. The PMI for the manufacturing sector stood at 49.0 in October, down 0.8 percentage points from September, while PMI for the non-manufacturing sector came in at 50.1, up 0.1 percentage points from the previous month.

The composite PMI output index is a composite index reflecting changes in output of the entire industry in the current period, including both manufacturing and non-manufacturing sectors. A PMI reading above 50 indicates expansion, while a reading below 50 reflects contraction.

"In October, manufacturing production activities slowed compared to the previous month, affected by both the early release of some demand ahead of the National Day holiday and an increasingly complex international environment," said Huo Lihui, a chief statistician with the NBS.

The National Day holiday this year coincided with the Mid-Autumn Festival, extending the vacation period from Oct. 1 through Oct. 8.

The sub-index for production stood at 49.7, down 2.2 percentage points from September -- indicating a slowdown in manufacturing production.

On the demand side, the sub-index for new orders came in at 48.8 in October, down 0.9 percentage points from the month before.

The sub-index for supplier delivery time stood at 50 percent, a drop of 0.8 percentage points from the previous month -- which showed that the delivery time for suppliers of raw materials in the manufacturing industry was basically unchanged from a month earlier.

The NBS data revealed that the sub-indices of production and new orders for big enterprises came in at 50.9 and 50.1, respectively, staying in expansion territory for six consecutive months.

The PMI for the high-tech manufacturing, equipment manufacturing and consumer goods industries stood at 50.5, 50.2 and 50.1, respectively, remaining in expansion territory while also being significantly higher than the overall manufacturing level -- indicating sustained industrial support for growth.

"New growth drivers in manufacturing and the consumer goods manufacturing sector continued to maintain a steady upward trend, effectively supporting the overall performance of the manufacturing industry," said Wen Tao, an analyst at the China Logistics Information Center.

The business activity expectation index was at 52.8 in October, remaining in expansion territory, and confirming that the majority of manufacturing enterprises maintained optimistic market development expectations.

Specifically, the business activity expectation index for industries such as non-ferrous metals smelting and rolling processing, as well as railway, shipbuilding and aerospace equipment, rose above 60.0, reflecting strengthened confidence among related enterprises in industry development.

In terms of the PMI for China's non-manufacturing sector, the sub-index for the service sector stood at 50.2, edging up 0.1 percentage points from the previous month, indicating a modest recovery in the sector's vitality, according to the NBS.

Boosted by the National Day and Mid-Autumn Festival holidays, sectors closely linked to travel and consumption, such as railway and air transportation, accommodation, and culture, sports and entertainment, all recorded readings above 60 in October -- demonstrating high market activity, said Huo, the chief statistician with the NBS.

Meanwhile, driven by the Singles' Day shopping festival, the postal industry's business activity index surged beyond 70 -- thus signaling accelerated growth in business volume, Huo noted.

The business expectation index for the service sector stood at a relatively high level of 56.1 -- revealing that service enterprises are optimistic about the market.

"Overall, although China's manufacturing production activities slightly slowed in October, with large, medium and small enterprises all facing certain pressures, new driving forces and consumer goods manufacturing maintained steady growth, and market prices showed positive changes, providing a stable foundation for macroeconomic operation," said Wen with the China Logistics Information Center. Enditem

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