China’s PMI January 2025

According to data from the National Bureau of Statistics, China’s composite Purchasing Managers' Index (PMI), which includes both manufacturing and non-manufacturing activities, expanded in January reaching 50.1, above the 50-point threshold that separates growth from contraction.

China’s non-manufacturing PMI, which has been supporting the economic recovery so far, came in at 50.2 in January, while the manufacturing PMI fell to 49.1, marking the first contraction in the sector since September 2024.

Several key indicators of the Chinese economy, particularly consumer spending and the real estate sector, are still in a phase of recovery, and the Chinese government has implemented a series of policies and financial measures whose effects will be seen in the coming months.