The purchasing managers' index (PMI) for China's manufacturing sector maintained steady and optimized growth in November, with key areas such as new growth drivers and consumer goods showing steady and rapid expansion.
The PMI for China's manufacturing sector came in at 50.3 in November, up from 50.1 in October, according to data jointly released by the China Federation of Logistics and Purchasing and the National Bureau of Statistics (NBS) on Saturday.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
In November, the PMI for equipment manufacturing and high-tech manufacturing stood at 51.3 percent and 51.2 percent, respectively.
In the realm of consumer goods manufacturing, as the new year approaches, the market for New Year's products is heating up. This has led to a rebound in consumer goods manufacturing, with the purchasing manager index returning to the expansion range. Additionally, both the production index and the new order index have exceeded 52 percent, reflecting an accelerated recovery.
"Overall, the recovery of the industry is widespread. Furthermore, alongside this general recovery, the optimization of the industrial structure is quite evident," said Cai Jin, vice chairman of the CFLP.
From the perspective of enterprise types, large enterprises continue to grow steadily, with their PMI remaining in the expansion range, providing significant support for the economy. Additionally, the recent strengthening of policies aimed at alleviating challenges for businesses has led to improved operations for small and medium-sized enterprises.
Notably, medium-sized enterprises have returned to the expansion threshold after remaining below 50 percent for six consecutive months, with an uptick in market demand and accelerated production activities. Small enterprises also experienced a strong rebound, with the production index rising by 3.9 percentage points from the previous month to exceed 51 percent.
"How can we help enterprises overcome difficulties? I believe it is crucial to implement several measures in this regard. In the short term, we need to address the issue of insufficient demand," said Zhang Yansheng, a research fellow of the Chinese Academy of Macroeconomic Research.
China sees rising new economic drivers in manufacturing sector in November
China's consumer market is buzzing in the new year with a wave of new consumption scenarios and emerging business models which are catering to the public demand for more diverse experiences.
The New Year's Day holiday in China on Wednesday helped spur a consumption and travel boom, as many headed out to do some shopping or enjoy other leisure activities to start the year in style. Data shows that 60 major shopping areas in Beijing recorded a passenger flow of over 8 million, marking a nearly 8 percent increase over the previous year.
In addition, the total single day consumption value in the populous Chongqing Municipality of southwest China exceeded 6.5 billion yuan (around 880 million U.S. dollars) on Wednesday, while hotel bookings in several popular cities during New Year's Eve also saw an 1.1-fold year on year increase.
Up and down the country, streets were busy as many headed out to enjoy the first day of 2025. The first-ever commercial complex set up in a rural township of the Wenshan Zhuang and Miao Autonomous Prefecture in southwest China's Yunnan Province was bustling with visitors during the New Year season.
The complex in Xingjie Town has numerous themed streets and smart grocery markets, becoming a convenient one-stop shopping center for local residents. This development brings also fresh economic opportunities for the town's farmers to sell their fresh produce, and serves as a new platform for consumption in rural areas of the prefecture.
"Our life has become much more convenient thanks to this complex. Now, everything we need is right at our doorstep with a large variety of choices," said Wu Yutian, a local resident in Xingjie Town.
In China's financial hub Shanghai, many shopping malls are embracing the relatively new concept of the "debut economy," which refers to a range of economic activities involving the launch of new products, businesses, services, or technologies, as well as new store openings.
The city has transformed traditional shopping centers into more dynamic hubs of innovation by building grander complexes that feature flagship stores, premier events, and exclusive exhibitions.
The move aims to position Shanghai as a leader in setting fashion trends and defining consumer preferences in China, according to a local official. "Through cultivating the 'debut economy,' we hope to allow more Shanghai brands to lead fashion trends in the building of an international consumption center city," said Liu Min, deputy director of the Shanghai Municipal Commission of Commerce.
In central China's Hubei Province, some shopping centers have introduced a host of immersive light exhibitions, enhancing the shopping experience with a captivating series of cutting-edge visual effects.
In the eastern Fujian Province, the picturesque Hua'an County is leveraging its local fishing industry by developing a unique blend of homestays and cultural experiences. Such innovations have been complemented by the launch of over 50 cultural and tourism activities, attracting a surge of visitors from across the country to enjoy the local flavors. "Stepping out of the hotel, I can try delicious food and experience local customs. It's such a delightful experience," said tourist Jiang Yuhan.
With the skiing season in full swing in China's northern regions, a host of tailored features such as ski equipment storage along with special photography services have been introduced and refined to enhance the traveling experience for visitors.
Diversified scenarios, business models fuel consumption boom across China in new year
