Interpretation from the National Bureau of Statistics: China's purchasing managers' index all rose to an expansion range in December

The Zhitong Finance App learned that on December 31, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. Huo Lihui, chief statistician at the Service Industry Survey Center of the National Bureau of Statistics, explained this. In December, the manufacturing purchasing managers' index, non-manufacturing business activity index, and composite PMI output index were 50.1%, 50.2%, and 50.7%, respectively, up 0.9, 0.7, and 1.0 percentage points from the previous month. The three major indices all rose to an expansion range, and China's overall economic sentiment level rebounded.

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China's purchasing managers' index all rose to an expansion range in December

——Huo Lihui, chief statistician of the Service Industry Survey Center of the National Bureau of Statistics, interprets the December 2025 China Purchasing Managers' Index

On December 31, 2025, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. Huo Lihui, chief statistician at the Service Industry Survey Center of the National Bureau of Statistics, explained this.

In December, the manufacturing purchasing managers' index, non-manufacturing business activity index, and composite PMI output index were 50.1%, 50.2%, and 50.7%, respectively, up 0.9, 0.7, and 1.0 percentage points from the previous month. The three major indices all rose to an expansion range, and China's overall economic sentiment level rebounded.

1. The manufacturing purchasing managers' index rose above the critical point

In December, the manufacturing PMI was 50.1%, rising to the expansion range for the first time since April. Of the 21 industries surveyed, the PMI of 16 industries rebounded from the previous month, and the production and operation conditions of related enterprises improved.

(1) Both sides of production and demand have clearly rebounded. The production index and the new orders index were 51.7% and 50.8% respectively, up 1.7 and 1.6 percentage points from the previous month. In particular, the new orders index rose above the critical point for the first time since the second half of the year. Both sides of manufacturing production and demand expanded markedly compared to the previous month. From an industry perspective, the production index and new order index for agricultural and sideline food processing, textiles, clothing and apparel, computer communication and electronic equipment were all above 53.0%, and production and demand were released at an accelerated pace; both industries such as non-metallic mineral products, ferrous metal smelting and rolling processing were below critical points, and related industries are still facing some pressure. Driven by a recovery in manufacturing production and demand, corporate procurement activities accelerated, and the procurement volume index rose to an expansion range of 51.1%.

(2) The PMI of large enterprises has returned to the expansion range. The PMI for large enterprises was 50.8%, up 1.5 percentage points from the previous month, above the critical point; the PMI for medium-sized enterprises was 49.8%, up 0.9 percentage points from the previous month, and the boom level rebounded; the PMI for small enterprises was 48.6%, down 0.5 percentage points from the previous month, and the boom level declined somewhat.

(3) The PMI for key industries was higher than last month. The high-tech manufacturing PMI was 52.5%, up 2.4 percentage points from the previous month, and the industry's growth trend is improving. The PMI for both the equipment manufacturing industry and the consumer goods industry was 50.4%, up 0.6 and 1.0 percentage points from the previous month, respectively, and both rose to the expansion range. The PMI for the energy-intensive sector was 48.9%, up 0.5 percentage points from the previous month, and the boom level continued to rise.

(4) The expected index rises to a higher boom range. The expected index of production and operation activity was 55.5%, up 2.4 percentage points from the previous month, and manufacturing companies' confidence in market development continued to grow. From an industry perspective, driven by factors such as pre-holiday preparation, the expected index of production and operation activities in the agricultural and sideline food processing, food, alcohol, beverage, and refined tea industries all rose to a high boom range of 60.0% or more, and related enterprises are more optimistic about recent industry developments.

II. The non-manufacturing business activity index returns to the expansion range

In December, the non-manufacturing business activity index was 50.2%, up 0.7 percentage points from the previous month, and the level of non-manufacturing sentiment improved.

(1) The boom in the service sector rebounded slightly. The index of business activity in the service sector was 49.7%, up 0.2 percentage points from the previous month. From an industry perspective, the index of business activity in industries such as telecommunications, radio and television, and satellite transmission services, monetary and financial services, and capital market services is all in a high boom range of 60.0%, and the total business volume is growing rapidly; the retail, catering and other industries are all in a contraction range, and the level of prosperity is low. Looking at market expectations, the expected index of business activity in the service sector is 56.4%, up 0.5 percentage points from the previous month, indicating that service companies have increased confidence in future market development.

(2) The boom in the construction industry has clearly rebounded. Affected by factors such as recent high temperatures in some southern provinces and two neighboring enterprises seizing construction progress, the index of business activity in the construction industry was 52.8%, up 3.2 percentage points from the previous month, and the level of construction sentiment improved markedly. Judging from market expectations, the expected index of business activity in the construction industry is 57.4%, which continues to be in a high boom range, indicating that construction companies are optimistic about recent industry developments.

3. The composite PMI output index rose to a recent high

In December, the composite PMI output index was 50.7%, up 1.0 percentage point from the previous month, indicating the overall expansion of production and operation activities of Chinese enterprises compared to the previous month. The manufacturing production index and the non-manufacturing business activity index, which make up the composite PMI output index, are 51.7% and 50.2%, respectively.

Source of this article: National Bureau of Statistics; Zhitong Finance Editor: Huang Xiaodong.