China's December manufacturing business sentiment index surpasses the benchmark for the first time in nine months.

Recently NHK News on-line reported the following:

中国 12月製造業の景況感示す指数 9か月ぶりに節目上回る

2025年12月31日午後0時41分

中国

中国の12月の製造業の景況感を示す指数は、景気判断の節目となる「50」を9か月ぶりに上回りました。アメリカが11月、中国に対する追加関税の一部を引き下げたことなどで、企業の生産や新規の受注に関する指数が改善したことが主な要因です。

中国の国家統計局が製造業3200社を対象に調査した12月の製造業PMI＝購買担当者景況感指数は、50.1となりました。

11月と比べて0.9ポイント改善し、景気のよしあしを判断する節目となる「50」を9か月ぶりに上回りました。

これは米中首脳会談を受けて、アメリカが11月、中国に対する追加関税の一部を引き下げたことなどで、企業の生産や新規の受注に関する指数が改善したことが主な要因です。

企業の規模別でみますと、

▽大企業が50.8と、節目の「50」を上回った一方、

▽中規模な企業が49.8、

▽小規模な企業が48.6と、節目を下回りました。

このほか、サービス業など非製造業の指数は、50.2となり、2か月ぶりに「50」を上回りました。

ただ、中国では、不動産不況の長期化などを背景に国内需要の停滞が続いていて、中国政府が今後、効果的な消費刺激策などを打ち出し、内需拡大につなげられるかが焦点となります。

Translation

China's December manufacturing business sentiment index surpasses the benchmark for the first time in nine months.

December 31, 2025, 12:41 PM

China

China's December manufacturing business sentiment index surpassed the benchmark of 50 for the first time in nine months. This was primarily due to improvements in indices relating to corporate production and new orders, following the U.S.'s partial reduction of additional tariffs on China in November.

China's National Bureau of Statistics surveyed 3,200 manufacturing companies and reported a December Purchasing Managers' Sentiment Index (PMI) of 50.1.

This represented a 0.9-point improvement from November, surpassing the benchmark of "50" for the first time in nine months. That was a key number in judging good or bad of an economy,

This improvement was primarily due to improvements in indices relating to corporate production and new orders, following the U.S.'s partial reduction of additional tariffs on China in November as a result of a U.S.-China summit.

Looking at the index by company size:

▽Large companies surpassed the 50-point mark at 50.8,

▽medium-sized companies at 49.8,

▽small companies at 48.6, below the mark too.

In addition, the index for non-manufacturing industries such as services was 50.2, exceeding 50 for the first time in two months.

However, domestic demand in China continued to stagnate due to factors such as the prolonged real estate slump, and from now on, the focus would be on whether the Chinese government could implement effective measures to stimulate consumption and expand domestic demand.

So, China's December manufacturing business sentiment index has surpassed the benchmark of 50 for the first time in nine months. Meanwhile, domestic demand in China continues to stagnate due to factors such as the prolonged real estate slump. I am interested in knowing whether other new government policies can stimulate manufacturing and business sectors in the future, e.g. a new duty-free zone in Hainan province.