Data released by the China Federation of Logistics and Purchasing on November 27 showed that the global manufacturing PMI stood at 49.7% in October 2025, unchanged from the previous month. It has remained in the contraction range for 8 consecutive months, reflecting that the recovery momentum of the global manufacturing industry is still insufficient. However, the regional differentiation trend is obvious, and Asia’s manufacturing industry has become the core support for global economic growth.

Specifically, Asia’s manufacturing PMI reached 50.7% in October, staying in the expansion range for 6 consecutive months. The latest forecast from the International Monetary Fund (IMF) shows that the Asia-Pacific region’s economic growth rate will reach 4.5% in 2025, an increase of 0.6 percentage points from the April forecast, and its contribution to global economic growth is about 60%. China’s manufacturing industry has performed steadily; the added value of high-tech manufacturing increased by 8.2% year-on-year from January to October, providing stable support for the regional industrial chain.

In contrast, the manufacturing industries in Europe and the United States remain weak. The American manufacturing PMI was 48.8%, contracting for 8 consecutive months. Although Europe’s manufacturing PMI rose slightly to 49.6%, it still failed to break through the boom-bust line, and the manufacturing industries of major economies such as Germany and France are in a state of contraction. Analysts believe that trade frictions, geopolitical risks, and high debt pressure are the main factors restricting the recovery of the manufacturing industry in Europe and the United States. With its complete industrial chain and policy support, Asia is becoming a key force for global economic recovery.