China Industrial Output Growth at 14-Month Low

China’s industrial production advanced 5.2% yoy in December 2025, accelerating from a 4.8% rise in the previous month and surpassing market expectations of 5.0%. This marked the fastest increase since September, driven by stronger growth in manufacturing activity (5.7% vs 4.6% in November), amid the government's effort to boost domestic demand. Meanwhile, output from mining (5.4% vs 6.3%) and electricity, heat, gas, and water (0.8% vs 4.3%) also continued to expand. Within manufacturing, 33 of 41 major industries recorded growth, including computers and communications equipment (11.8%), railway and shipbuilding (9.2%), automotive (8.3%), chemical products (8.0%), coal mining and washing (6.4%), non-ferrous metal smelting and rolling (4.8%), electrical machinery and equipment (4.3%), textiles (3.7%), oil and gas extraction (3.7%), food manufacturing (3.2%), and heat production (1.1%). For the full year, industrial production grew 5.9%. Monthly, industrial output rose 0.49%.

China’s industrial production expanded 4.8% year-on-year in November 2025, easing slightly from a 4.9% increase in the previous month and below market expectations of 5.0%. This marked the softest increase since August 2024, due to softer rises in manufacturing activity (4.6% vs 4.9% in October) and electricity, heat, gas, and water (4.3% vs 5.4%). Meanwhile, production of mining accelerated (6.3% vs 4.5%). Within manufacturing, 30 of 41 major industries registered growth, including automotive (11.9%), computers and communications (9.2%), railway and shipbuilding (11.9%), ferrous metal smelting and rolling (0.9%), non-ferrous metal smelting and rolling (4.8%), chemical products (6.7%), coal mining and washing (7.5%), oil and gas (5.1%), heat production (4.2%), textiles (1.8%), and food manufacturing (1.7%). For the first eleven months of the year, industrial production increased by 6.0%. On a monthly basis, industrial output rose by 0.44%.

China’s industrial production grew 4.9% year-on-year in October 2025, slowing from a 6.5% increase in the previous month and missing market expectations of 5.5%. This marked the softest increase since August 2024, due to softer rises in manufacturing activity (4.9% vs 7.3% in September) and mining (4.5% vs 6.4%), partly due to the Golden Week holiday. Meanwhile, production of electricity, heat, gas, and water accelerated (5.4% vs 0.6%). Within manufacturing, 29 of 41 major industries recorded growth, including automotive (16.8%), computers and communications (8.9%), railway and shipbuilding (15.2%), ferrous metal smelting and rolling (1.4%), non-ferrous metal smelting and rolling (3.7%), chemical products (7.1%), coal mining and washing (6.5%), oil and gas (1.9%), food manufacturing (2.5%), heat production (5.9%), and textiles (0.2%). For the first ten months of the year, industrial production rose by 6.1%. On a monthly basis, industrial output climbed by 0.17%.