ECONOMY

China Manufacturing Downshifts as Tariffs Bite, Caixin PMI Shows

Published: Apr. 30, 2025 9:45 a.m. GMT+8

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China’s manufacturing activity slowed in April, with foreign demand declining at the quickest pace since July 2023 as the China-U.S. trade row intensified, a Caixin-sponsored survey showed Wednesday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, came in at 50.4, down from 51.2 in March. A reading above 50 indicates an expansion in activity, while a number below that signals a contraction.

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China's Caixin manufacturing PMI fell to 50.4 in April from 51.2 in March, signaling a slowdown with the sharpest drop in export orders since July 2023 amid intensified China-U.S. trade tensions.
First-quarter GDP grew 5.4% year-on-year, but manufacturing output and overall demand weakened; labor market contracted again as firms cut costs.
To offset tariff impacts, China plans a record 5.66 trillion yuan ($776.6 billion) budget deficit for 2025 and more support for consumer trade-ins.

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Who’s Who

Caixin: Caixin is an independent Chinese media group known for its in-depth coverage of business, finance, and economics. It publishes the Caixin China General Manufacturing Purchasing Managers’ Index (PMI), a key monthly indicator that provides an early snapshot of economic activity in China’s manufacturing sector. Caixin's surveys and reports are widely referenced for reliable data and unbiased insights into China’s economy.

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