China’s Factory and Services PMIs Tick Back Into Expansion in December
Economists see only a tentative improvement given property debt strains plus excess capacity.
Overview
- The official manufacturing PMI rose to 50.1 in December, ending a run of monthly contractions since March.
- The non-manufacturing PMI climbed to 50.2, rebounding from 49.5 in November.
- Both gauges sat just above the 50 line that divides expansion from contraction, signaling only marginal growth.
- The manufacturing reading topped a Bloomberg survey forecast of 49.2 points.
- National Bureau of Statistics official Huo Lihui cited a general improvement, while Capital Economics’ Julian Evans-Pritchard warned structural headwinds are likely to persist into 2026.