National Bureau of Statistics interpretation: The production and demand index of large enterprises continues to be higher than the critical point, and the overall market expectations are optimistic.

Chief statistician Huo Lihui of the National Bureau of Statistics Service Industry Survey Center interprets the October 2025 China Purchasing Managers Index. It mentions that in October, the comprehensive PMI output index was 50.0%, at the critical point, indicating that the overall production and operation activities of Chinese enterprises are stable. Meanwhile, the production demand index of large enterprises continues to be higher than the critical point. The PMI for large, medium, and small enterprises were 49.9%, 48.7%, and 47.1% respectively, with decreases of 1.1%, 0.1%, and 1.1% points from the previous month, indicating a varying degree of decline in business activity levels. Among them, the production index and new orders index of large enterprises were 50.9% and 50.1% respectively, both being in the expansion zone for six consecutive months, showing the continued release of production demand for large manufacturing enterprises. In addition, overall market expectations are optimistic. The production and operation activity expectation index was 52.8%, staying in the expansion zone, indicating that most manufacturing enterprises have optimistic expectations for market development. Looking at different industries, the production and operation activity expectation index for industries such as non-ferrous metal smelting and rolling processing, railway, ship, aviation, and aerospace equipment has risen to over 60.0%, showing a strong confidence in industry development among related companies.