The Purchasing Managers' Index (PMI) for China's manufacturing industry in October 2025, released by the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing, was 49%, a decrease of 0.8 percentage points from the previous month. In terms of enterprise size, the PMI of large enterprises was 49.9%, a decrease of 1.1 percentage points from the previous month; The PMI for medium-sized enterprises was 48.7%, a decrease of 0.1 percentage points from last month; The PMI for small businesses was 47.1%, a decrease of 1.1 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, backlog order index, finished goods inventory index, purchase volume index, import index, raw material purchase price index, ex factory price index, raw material inventory index, employee index, supplier delivery time index, and production and operation activity expectation index have all decreased, with a decrease of 0.1 to 2.6 percentage points.

The PMI index fell below the boom bust line in October, and most sub indices also fell below the boom bust line. The decline in order index indicates that demand contraction is still in a developing trend; Affected by it, the production index has significantly decreased and returned to below the boom bust line; The ex factory price index continues to decline below the boom bust line. Overall, the market guided demand contraction continues to develop, the imbalance of macroeconomic aggregate supply over demand continues to develop, and the constraint of insufficient demand on enterprise production and investment is more obvious, leading to increased downward pressure on the economy. We should attach great importance to this trend, significantly increase the countercyclical adjustment of macroeconomic policies, significantly increase government investment in public goods, effectively expand demand, increase enterprise orders, and quickly drive the recovery of enterprise production and investment, improve the employment situation, accelerate the growth of residents' income, and improve consumer demand. Consolidate and enhance the positive trend of China's economic recovery as soon as possible.

The production index was 49.7%, a decrease of 2.2 percentage points from the previous month. The new order index was 48.8%, a decrease of 0.9 percentage points from last month. The new export order index was 45.9%, a decrease of 1.9 percentage points from the previous month. The backlog order index is 44.5%, a decrease of 0.7 percentage points from last month. The inventory index of finished products was 48.1%, a decrease of 0.1 percentage points from last month. The procurement volume index is 49%, a decrease of 2.6 percentage points from the previous month. The import index was 46.8%, a decrease of 1.3 percentage points from the previous month. The purchase price index was 52.5%, a decrease of 0.7 percentage points from last month. The ex factory price index is 47.5%, a decrease of 0.7 percentage points from last month. The raw material inventory index was 47.3%, a decrease of 1.2 percentage points from the previous month. The employment index was 48.3%, a decrease of 0.2 percentage points from last month. The supplier delivery time index is 50%, a decrease of 0.8 percentage points from last month. The expected index of production and operation activities is 52.8%, a decrease of 1.3 percentage points from the previous month.