China Services PMI Hits 4-Month Peak

2025-12-31 01:36 By Farida Husna 1 min. read

China’s official NBS Non-Manufacturing PMI rose to 50.2 in December 2025 from 49.5 in the prior month, marking the highest level since August and beating market forecasts of 49.8.

The improvement highlighted Beijing’s ongoing efforts to shore up domestic demand through increased fiscal spending, consumption incentives, and supportive policy measures, which helped underpin activity in services toward year-end.

Both new orders (47.3 vs. 45.7 in November) and employment (46.1 vs. 45.3) fell at a slower pace, while foreign demand stayed weak (47.5 vs. 47.9).

Supplier delivery times were broadly unchanged (51.3 vs. 51.2), indicating stable supply chains and limited logistical strain.

On the pricing side, input costs continued to rise despite a marginal softening (50.2 vs. 50.4), while selling prices fell more sharply (48.0 vs. 49.1).

Finally, sentiment improved to a nine-month high (56.5 vs. 56.2), boosted by hopes of further policy easing and a gradual recovery in domestic demand.



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China’s official NBS Non-Manufacturing PMI rose to 50.2 in December 2025 from 49.5 in the prior month, marking the highest level since August and beating market forecasts of 49.8. The improvement highlighted Beijing’s ongoing efforts to shore up domestic demand through increased fiscal spending, consumption incentives, and supportive policy measures, which helped underpin activity in services toward year-end. Both new orders (47.3 vs. 45.7 in November) and employment (46.1 vs. 45.3) fell at a slower pace, while foreign demand stayed weak (47.5 vs. 47.9). Supplier delivery times were broadly unchanged (51.3 vs. 51.2), indicating stable supply chains and limited logistical strain. On the pricing side, input costs continued to rise despite a marginal softening (50.2 vs. 50.4), while selling prices fell more sharply (48.0 vs. 49.1). Finally, sentiment improved to a nine-month high (56.5 vs. 56.2), boosted by hopes of further policy easing and a gradual recovery in domestic demand.
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China’s official NBS Non-Manufacturing PMI slipped to 49.5 in November 2025 from 50.1 in the previous month, pointing to the lowest figure since December 2022 and the first decline in nearly three years. The latest reading also missed market estimates of 50.0, underscoring a loss of economic momentum in services and sectors that rely on consumer spending, weighed down by weak sentiment, a sluggish property market, and persistent external pressures. In the meantime, limited fiscal support has provided little relief. New orders (45.7 vs 46.0 in October), overseas demand (47.9 vs 46.2), and employment (45.3 vs 45.2) all remained in contraction. Supplier delivery times lengthened slightly (51.2 vs 50.9), suggesting mild logistical pressures. On the price front, input cost rose after two months of decline (50.4 vs 49.4), while selling prices fell at a slower pace (49.1 vs 47.8). Lastly, confidence inched up to a three-month high (56.2 vs 56.1).
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