The Purchasing Managers' Index (PMI) for China's manufacturing industry in September 2025, released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing, was 49.8%, an increase of 0.4 percentage points from the previous month. In terms of enterprise size, the PMI of large enterprises was 51%, an increase of 0.2 percentage points from the previous month; The PMI for medium-sized enterprises was 48.8%, a decrease of 0.1 percentage points from last month; The PMI for small businesses was 48.2%, up 1.6 percentage points from the previous month. From the perspective of 13 sub indices, compared with the previous month, the production index, new order index, new export order index, finished goods inventory index, purchase volume index, import index, raw material inventory index, employee index, supplier delivery time index, and production and operation activity expectation index have increased by 0.1 to 1.4 percentage points; The backlog order index, purchase price index, and factory price index have decreased by 0.1 to 0.9 percentage points.

The PMI index continued to rise slightly in September, indicating that the comprehensive effect of multiple policies to stabilize growth is further evident. The production index has significantly rebounded, and the procurement volume index and production and operation activity expectation index have rebounded, indicating signs of recovery in enterprise production and operation activities. At the same time, it should be noted that price indices have all fallen to varying degrees, indicating that the situation of oversupply in the market is still prominent; The order related indices are all below the boom bust line, and the issue of insufficient demand still needs to be highly valued. Overall, the current policy driven economic recovery factors are still in a fierce struggle with the market guided economic contraction forces. It is necessary to significantly increase the countercyclical adjustment of macroeconomic policies, significantly expand the scale of government investment in public goods and services, effectively and effectively drive the increase of enterprise orders, promote the continuous recovery of enterprise production and investment activities, and improve the employment situation. We should effectively activate the investment demand of enterprises and the consumption demand of residents with sufficient government investment, so that the super large domestic demand market can quickly break away from the market led contraction trend and enter a sustained and active expansion track.

The production index was 51.9%, an increase of 1.1 percentage points from the previous month. The new order index was 49.7%, an increase of 0.2 percentage points from the previous month. The new export order index was 47.8%, an increase of 0.6 percentage points from the previous month. The backlog order index was 45.2%, a decrease of 0.3 percentage points from last month. The inventory index of finished products was 48.2%, an increase of 1.4 percentage points from the previous month. The procurement volume index was 51.6%, an increase of 1.2 percentage points from the previous month. The import index was 48.1%, an increase of 0.1 percentage points from the previous month.

The purchase price index was 53.2%, a decrease of 0.1 percentage points from last month. The ex factory price index was 48.2%, a decrease of 0.9 percentage points from last month. The raw material inventory index was 48.5%, an increase of 0.5 percentage points from the previous month. The employment index was 48.5%, an increase of 0.6 percentage points from the previous month. The supplier delivery time index is 50.8%, an increase of 0.3 percentage points from the previous month. The expected index of production and operation activities is 54.1%, an increase of 0.4 percentage points from the previous month.