Earlier:---The RatingDog Manufacturing PMI is the private-sector survey that used to be branded the Caixin China Manufacturing PMI. Caixin ended its sponsorship of the survey in July 2025, and Shenzhen-based fintech firm RatingDog took over as sponsor from August 2025 onward. China publishes two main PMI surveys capturing different parts of the industrial landscape: the official PMI, compiled by the National Bureau of Statistics, focuses primarily on large, state-owned and government-linked enterprises, while the RatingDog/private-sector survey places greater emphasis on small and medium-sized enterprises. As with any PMI, a reading above 50 signals expansion and below 50 signals contraction. Because the two surveys sample different segments of the economy, they can diverge, sometimes sharply, particularly when large state firms and smaller private exporters are facing different conditions.