In November 2025, China's Purchasing Managers' Index (PMI) indicated that overall economic sentiment remained in contraction territory. The manufacturing PMI stood at 49.2%, the non-manufacturing business activity index at 49.5%, and the composite PMI output index at 49.7%—all below the 50 threshold, reflecting that the foundation for economic recovery still needs reinforcement. While the manufacturing production index held steady at 50.0%, indicating stable output, the new orders index declined to 49.2%, signaling persistently weak demand and increasing order-taking pressure on enterprises. On the price front, the main raw materials purchasing price index reached 53.6%, remaining in expansionary territory for multiple months, underscoring ongoing upstream cost pressures. Meanwhile, the factory gate price index fell to 48.2%, indicating contraction, as firms struggle to fully pass rising costs onto downstream markets, compressing profit margins. In the non-manufacturing sector, service sector and construction activity indices were 49.5% and 49.6%, respectively—both near contraction levels—with new orders dropping to 45.7%, highlighting insufficient momentum in service consumption recovery. Overall, the economy is showing a pattern of "stable production, weak demand, high costs, and pricing pressure." Although production remains broadly stable, both supply and demand are weakening simultaneously, particularly due to lagging domestic demand, which has become a key constraint on economic rebound. Future policies should focus more on expanding effective demand, improving price transmission mechanisms, and boosting market confidence to sustain positive economic momentum.