中国标准普尔全球/评级狗2025年12月制造业采购经理人指数50.1（预计49.8，之前为49.9）。根据标普全球/评级狗采购经理指数的最新数据，中国制造业在2025年底显示出初步稳定的迹象，商业状况逐渐回到扩张领域。虽然改善幅度不大，但反弹标志着在经历了数月的疲软势头后出现了可喜的转变，这主要是由于国内需求增强，而不是出口复苏。

China S&P Global/Rating Dog December 2025 Manufacturing PMI 50.1 (expect 49.8, prior 49.9).China's manufacturing sector showed tentative signs of stabilisation at the end of 2025, with business conditions edging back into expansion territory, according to the latest S&P Global/Rating Dog Purchasing Managers' Index data. While the improvement was modest, the rebound marked a welcome shift after months of subdued momentum, driven primarily by stronger domestic demand rather than a recovery in exports.

中国官方2025年12月PMI：制造业50.1（exp49.2）非制造业50.2（exp49.8）。中国发布了两项主要的PMI调查，每项调查都涵盖了工业格局的不同部分。官方PMI由国家统计局编制，主要关注大型国有企业和政府关联企业。

China official December 2025 PMIs: Manufacturing 50.1 (exp 49.2) Non-manu 50.2 (exp 49.8).China publishes two main PMI surveys, each capturing different parts of the industrial landscape. The official PMI is compiled by the National Bureau of Statistics and focuses primarily on large, state-owned and government-linked enterprises.

中国放宽了房地产税，但避免了大胆的住房刺激措施（房地产低迷持续）。中国正在延长对某些住宅物业销售的增值税豁免，增加了另一项旨在稳定其长期房地产低迷的增量政策措施。虽然此举降低了房主的交易成本，但突显出北京更倾向于有针对性的救济，而不是更有力的干预。

China eases property taxes but avoids bold housing stimulus (property downturn drags on).China is extending a value-added tax (VAT) exemption on certain residential property sales, adding another incremental policy measure aimed at stabilising its long-running real estate downturn. While the move lowers transaction costs for homeowners, it underscores Beijing's preference for targeted relief rather than more forceful intervention.

中国通过补贴促进消费贸易，并在2026年将该计划扩展到数字产品。中国正在加大力度重振家庭支出，从超长特别国债中分配新的资金，以扩大其消费者以旧换新补贴计划。该计划于2024年首次启动，2026年将扩大到包括数字和智能产品，因为政策制定者希望应对疲软的增长势头，并将经济重新平衡为消费。

China boosts consumer trade-in subsidies, expands scheme to digital products in 2026.China is stepping up efforts to revive household spending, allocating fresh funding from ultra-long special treasury bonds to expand its consumer trade-in subsidy scheme. The programme, first launched in 2024, will be broadened in 2026 to include digital and smart products, as policymakers look to counter weak growth momentum and rebalance the economy toward consumption.