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China’s official NBS Manufacturing PMI rose to 49.8 in September 2025 from 49.4 in the prior month, topping market forecasts of 49.7. While factory activity contracted for the sixth straight month, the pace of decline was the slowest in the sequence, as manufacturers anticipated additional policy support from the government to boost domestic demand, ahead of the October plenum, and clearer signals on a U.S. trade agreement. Output grew for the fifth month in a row and at the strongest pace since March (51.9 vs 50.8 in August). Also, buying levels rose the most in six months (51.6 vs 50.4). Meantime, new orders (49.7 vs 49.5), foreign sales (47.8 vs 47.2), and employment (48.5 vs 47.9) all shrank at a softer rate. Delivery times shortened to a seven-month high (50.8 vs. 50.5). On prices, input costs remained near their highest level since October 2024 (53.2 vs 53.3), but a decline in selling prices deepened (48.2 vs 49.1). Finally, confidence notched a seven-month peak (54.1 vs. 53.7).