China’s official NBS Manufacturing PMI slipped to 49.0 in February 2026 from 49.3 in the previous month, slightly below market forecasts of 49.1 and marking the lowest print since October. It also represented the second straight month of contraction in factory activity, partly weighed by disruptions from the week-long Spring Festival holiday. New orders fell further (48.6 vs 49.2 in January), with foreign sales dropping more sharply (45.0 vs 47.8), highlighting persistent weakness in external demand. Buying levels also eased (48.2 vs 48.7), while employment remained subdued (48.0 vs 48.1). Supplier delivery times shortened (49.1 vs 50.1), suggesting improved logistics conditions. On the cost side, input prices rose for a seventh straight month, though the pace of increase moderated (54.8 vs 56.1). Output prices were unchanged (50.6 vs 50.6). Finally, business confidence rebounded from a six-month low to 53.2 (vs 52.6), indicating slightly improved sentiment despite ongoing contraction. source: National Bureau of Statistics of China

Business Confidence in China decreased to 49 points in February from 49.30 points in January of 2026. Business Confidence in China averaged 51.19 points from 2005 until 2026, reaching an all time high of 59.20 points in April of 2008 and a record low of 35.70 points in February of 2020. This page provides - China Business Confidence - actual values, historical data, forecast, chart, statistics, economic calendar and news. China NBS Manufacturing PMI - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

Business Confidence in China decreased to 49 points in February from 49.30 points in January of 2026. Business Confidence in China is expected to be 50.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China NBS Manufacturing PMI is projected to trend around 51.30 points in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-31 01:30 AM
NBS Manufacturing PMI
Jan 49.3 50.1 50 50.4
2026-03-04 01:30 AM
NBS Manufacturing PMI
Feb 49.0 49.3 49.1 49.9
2026-03-31 01:30 AM
NBS Manufacturing PMI
Mar 49.0 50.4


Related Last Previous Unit Reference
NBS Manufacturing PMI 49.00 49.30 points Feb 2026
Industrial Capacity Utilization 74.90 74.60 percent Dec 2025
Cement Production 14416.40 15434.20 Ten Thousands of Tonnes Dec 2025
Changes in Inventories 10002.90 8740.00 CNY Hundred Million Dec 2024
Industrial Profits (YTD) YoY 7398200.00 6626860.00 CNY Million Dec 2025
Electricity Production 858620.00 779220.00 Gigawatt-hour Dec 2025
Industrial Production YoY 5.20 4.80 percent Dec 2025
Industrial Production Mom 0.49 0.44 percent Dec 2025
Leading Economic Index 144.90 145.30 points Jan 2026
Manufacturing Production YoY 5.70 4.60 percent Dec 2025
Mining Production 5.40 6.30 percent Dec 2025
New Orders 49.20 50.80 points Jan 2026


China NBS Manufacturing PMI
In China, the NBS Manufacturing Purchasing Manager Index measures the performance of the manufacturing sector and is derived from a survey of more large-scale, state-owned companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change..
Actual Previous Highest Lowest Dates Unit Frequency
49.00 49.30 59.20 35.70 2005 - 2026 points Monthly

News Stream
China NBS Manufacturing PMI Falls to 4-Month Low
China’s official NBS Manufacturing PMI slipped to 49.0 in February 2026 from 49.3 in the previous month, slightly below market forecasts of 49.1 and marking the lowest print since October. It also represented the second straight month of contraction in factory activity, partly weighed by disruptions from the week-long Spring Festival holiday. New orders fell further (48.6 vs 49.2 in January), with foreign sales dropping more sharply (45.0 vs 47.8), highlighting persistent weakness in external demand. Buying levels also eased (48.2 vs 48.7), while employment remained subdued (48.0 vs 48.1). Supplier delivery times shortened (49.1 vs 50.1), suggesting improved logistics conditions. On the cost side, input prices rose for a seventh straight month, though the pace of increase moderated (54.8 vs 56.1). Output prices were unchanged (50.6 vs 50.6). Finally, business confidence rebounded from a six-month low to 53.2 (vs 52.6), indicating slightly improved sentiment despite ongoing contraction.
2026-03-04
China Manufacturing PMI Below Forecasts
China’s official NBS Manufacturing PMI fell to 49.3 in January 2026 from 50.1 in the previous month, missing market estimates of 50. The latest reading signaled a loss of momentum in factory activity at the start of the year, as subdued demand conditions and cautious business sentiment continued to weigh amid ongoing structural headwinds. New orders slipped back into contraction (49.2 vs 50.8 in December), alongside a slowdown in output growth (50.6 vs 51.7). Foreign sales weakened further (47.8 vs 49.0), employment remained soft (48.1 vs 48.2), and purchasing activity declined sharply (48.7 vs 51.1). Simultaneously, delivery times were broadly unchanged (50.1 vs 50.2). On the cost front, input prices rose for a sixth consecutive month, with the pace of increase accelerating notably (56.1 vs 53.1). Selling prices returned to expansion (50.6 vs 48.9), ending a prolonged period of decrease. Finally, business confidence dropped to a six-month low (52.6 vs 55.5).
2026-01-31
China Manufacturing Sector Returns to Growth
China’s official NBS Manufacturing PMI unexpectedly rose to 50.1 in December 2025, surpassing both November’s reading and expectations of 49.2. It marked the first expansion in factory activity since March, with output (51.7 vs 50.0 in November) and purchasing activity (51.1 vs 49.5) both growing for the first time in three months, amid the government's efforts to boost demand. At the same time, new orders rose for the first time since June and at the fastest pace in nine months (50.8 vs 49.2), while foreign sales fell at the slowest pace in nine months (49.0 vs 47.6). Meanwhile, employment remained weak (48.2 vs 48.4), and delivery times were broadly steady (50.2 vs 50.1). On the inflation front, input costs rose for the sixth consecutive month, albeit at a softer rate (53.1 vs 53.6). Selling prices continued to fall, though at the slowest rate in four months (48.9 vs 48.2). Looking ahead, business confidence improved (55.5 vs 53.1)
2025-12-31