China Business Confidence

Last Release

Feb 28, 2025

Actual

50.2

Units In

Points

49.1

Frequency

Monthly

Next Release

Mar 31, 2025

Time to Release

25 Days 3 Hours

Highest	Lowest	Average	Date Range	Source
59.2 Apr 2008	35.7 Feb 2020	51.28 Points	2005-2025	National Bureau of Statistics of China

In China, the NBS Manufacturing Purchasing Manager Index measures the performance of the manufacturing sector and is derived from a survey of more large-scale, state-owned companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. .

Latest Updates

China's official NBS Manufacturing PMI rose to 50.2 in February 2025 from 49.1 in the prior month, pointing to the highest reading since last November and beating market consensus of 49.9. The latest result came as companies resumed activities after the Lunar New Year break. Meanwhile, various stimulus measures from Beijing bolstered recovery of the economy, which has been impacted by higher US tariffs, weak domestic demand, and lingering deflation risks. Output (52.5 vs 49.8 in January), new orders (51.1 vs 49.2), and buying levels (52.1 vs 49.2) all grew following contractions at the start of the year. At the same time, declines in both foreign orders (48.6 vs 46.4) and employment (48.6 vs 48.1) eased. Meanwhile, delivery times lengthened (51.0 vs 50.3). On prices, input cost increased for the first time in four months (50.8 vs 49.5) while a drop in selling prices slowed (48.5 vs 47.4). Finally, confidence weakened from January's ten-month high but remained upbeat (54.5 vs 55.3).