Lynn Song

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China's factory activity returns to expansion in September

Notes recovery is export-driven and uneven

China's factory activity expanded in September for the first time in three months. The official purchasing managers' index (PMI) climbed to 50.1 from 49.8 in August, crossing the line that separates growth from contraction.

Updated Oct 2

China's $1.2 trillion pivot

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China posted a $1.2 trillion trade surplus for 2025, the largest any country has ever recorded. The number is roughly equal to Indonesia's GDP, the world's 16th-largest economy.

Updated May 21

Notable Quotes

Manufacturing has been a relative strength this year, though it has mostly been driven by external demand as domestic consumption and investment lag.

from China's factory activity returns to expansion in September · Updated Oct 2

"China's record trade surplus puts it on par with the gross domestic product of a top 20 global economy."

from China's $1.2 trillion pivot · Updated May 21

"It's quite clear at this point that relying on external demand as the main growth engine is a risky bet."

from China's $1.2 trillion pivot · Updated May 21