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China's official NBS Manufacturing PMI rose to 49.5 in May 2025 from April’s 16-month low of 49.0, matching market expectations despite marking the third monthly contraction in factory activity this year. Output rebounded (50.7 vs 49.8 in April), supported by a trade war truce and Beijing’s ongoing efforts to stimulate domestic demand and shore up the sluggish economy. At the same time, new orders (49.8 vs 49.2), foreign sales (47.5 vs 44.7), and employment (48.1 vs 47.9) all declined at a slower pace. A similar trend was seen in buying activity, which fell for the second consecutive month, though the rate of decline eased (47.6 vs 46.3). Delivery times lengthened the least since October 2024 (50.0 vs 50.2). On the price front, both input costs (46.9 vs 47.0) and selling prices (44.7 vs 44.8) posted their sharpest drops in eight months. Looking ahead, business confidence improved after hitting a seven-month low in April (52.5 vs 52.1).