China Manufacturing Growth Slows as Employment Slumps, Caixin PMI Shows
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Activity in China’s manufacturing sector expanded marginally in the first month of 2025, with a sharp drop in employment and a continued decline in new export orders, a Caixin-sponsored survey showed Monday.
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, came in at 50.1, down from 50.5 in December. A reading above 50 indicates an expansion in activity, while a number below signals a contraction.
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- China's manufacturing sector showed marginal growth in January 2025 with the Caixin PMI at 50.1, slightly down from December's 50.5, while the official NBS PMI indicated contraction at 49.1.
- The Caixin survey reported accelerated growth in manufacturing output and domestic demand but highlighted significant employment declines and continued drops in export orders.
- The survey reflected increased business optimism despite external uncertainties and noted stable input costs, decreasing customer prices, and improved delivery times.
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Who’s Who
- Caixin
- Caixin sponsors the China General Manufacturing Purchasing Managers’ Index (PMI), an independent survey providing early monthly indicators of China's manufacturing activity. The January 2025 PMI was 50.1, showing marginal sector expansion. Caixin Insight Group's economist Wang Zhe highlighted challenges, including employment drops, weak export demand, and price pressures, while domestic demand improved.
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What Happened When
- May 2023：
- Last time delivery times were as short as in January 2025.
- July 2023：
- Sharpest rate of price reduction before January 2025.
- December 2024：
- Caixin China General Manufacturing PMI was 50.5.
- December 2024：
- Official manufacturing PMI was 50.1.
- December 2024：
- Future output expectations indicator rebounded from a three-month low.
- January 2025：
- Activity in China's manufacturing sector expanded marginally.
- January 2025：
- Caixin China General Manufacturing PMI came in at 50.1.
- January 2025：
- Official manufacturing PMI showed a contraction with the index dipping to 49.1.
- January 2025：
- Caixin survey showed expansion in manufacturing output accelerated.
- January 2025：
- Labor market worsened with employment subindex at a nearly five-year low.
- January 2025：
- Manufacturers reduced prices for the second month at the sharpest rate since July 2023.
- January 28, 2025：
- Begin of the eight-day Lunar New Year holiday.
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