China PMI Não-Manufatura

China’s official NBS Non-Manufacturing PMI rose to 50.2 in December 2025 from 49.5 in the prior month, marking the highest level since August and beating market forecasts of 49.8. The improvement highlighted Beijing’s ongoing efforts to shore up domestic demand through increased fiscal spending, consumption incentives, and supportive policy measures, which helped underpin activity in services toward year-end. Both new orders (47.3 vs. 45.7 in November) and employment (46.1 vs. 45.3) fell at a slower pace, while foreign demand stayed weak (47.5 vs. 47.9). Supplier delivery times were broadly unchanged (51.3 vs. 51.2), indicating stable supply chains and limited logistical strain. On the pricing side, input costs continued to rise despite a marginal softening (50.2 vs. 50.4), while selling prices fell more sharply (48.0 vs. 49.1). Finally, sentiment improved to a nine-month high (56.5 vs. 56.2), boosted by hopes of further policy easing and a gradual recovery in domestic demand.