China’s Manufacturing Faces Longest Decline in Six Years — Financial Times

China’s manufacturing sector contracted for the sixth straight month in September, with the official PMI falling below 50. This marks the longest continuous decline since 2019, when U.S. President Donald Trump imposed “liberation day” tariffs.

Source Financial Times

The trade war with the U.S. and weak domestic demand have hit the world’s second-largest economy hard. Experts note that falling food prices and declines in manufacturing industries — particularly in the EV sector — are adding to deflationary pressures.

The Asian Development Bank cut its 2025 growth forecast for China to 4.7%, compared with the government’s 5% target. Despite policy support, the property market slowdown and fragile consumer confidence remain major challenges for Beijing.