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57m ago

China’s Private PMI Points to Factory Rebound as Official Gauge Extends Slump

Beijing is leaning on targeted financing rather than broad stimulus.

Visitors take a cart tour at a public park along the Shenzhen Bay against the high-rise office buildings, some of which are under construction, in Shenzhen, China's Guangdong province, Wednesday, Sept. 17, 2025. (AP Photo/Andy Wong)
Employees move copper rod on a pallet on the production line for copper flat wire at the Wellascent factory in Ganzhou, Jiangxi province, China August 14, 2025. REUTERS/Florence Lo/File Photo
Workers take nap on a bench of a public park during a lunch break hour near a construction site, at the Shenzhen Bay, in Shenzhen, China's Guangdong province, Wednesday, Sept. 17, 2025. (AP Photo/Andy Wong)
Construction workers operate on a construction site in Shanghai, China, July 10, 2025. REUTERS/Go Nakamura/File Photo

Overview

  • China’s private manufacturing PMI rose to 51.2 in September, the fastest expansion since March, on stronger new orders.
  • The official manufacturing survey released the same day showed a sixth consecutive month of contraction, highlighting a split between gauges.
  • Services activity remained in growth at 52.9, while sector employment fell at the fastest pace in 17 months due to rising costs.
  • Private surveys reported the first increase in manufacturing new export orders since March and the quickest services export growth in seven months.
  • Authorities announced 500 billion yuan in policy-based financing to accelerate investment, and the central bank signaled tools remain available without a rate cut.