Beijing, Dec. 1, 2025 – China’s factory activity unexpectedly slipped into contraction in November, according to the latest RatingDog China General Manufacturing PMI. The index fell to 49.9, down from October’s 50.6 and missing the market consensus of 50.5.

The reading marked the first contraction in factory activity since July, albeit a slight one. Analysts noted that domestic new orders nearly stalled, even as new orders from abroad showed a modest increase, highlighting uneven demand dynamics in the manufacturing sector.

The decline in the PMI underscores challenges for China’s industrial growth, as domestic demand remains soft while export orders provide only partial support. Economists will be closely monitoring upcoming data for signs of a sustained recovery in factory output.