China Manufacturing PMI Beats Estimates

The RatingDog China Manufacturing PMI edged down to 52.0 in October 2026 from September’s five-month high of 52.1, but surpassed forecasts of 51.6. It was the eleventh straight month of expansion and signalled the longest streak of improving manufacturing sector health since mid-2021. Output expanded at a sharp pace, the fastest in six months, supported by another solid increase in new work inflows. Demand growth was driven by the launch of new products, with overseas demand also rising, although growth eased from September. In response to rising new orders, firms increased purchasing activity, while vendor performance times shortened for the first time since February, amid improved supplier efficiency. On prices, input cost inflation eased, while selling prices fell as firms sought to support sales amid intense competition. Looking ahead, business sentiment weakened to a nine-month low amid concerns over elevated input prices and heightened competition.

The RatingDog China Manufacturing PMI increased to 52.1 in September 2026 from 51.5 in August, surpassing forecasts of 51.6. It was the strongest expansion in the manufacturing sector since April, boosted by rising demand from both domestic and overseas markets, with foreign sales rising at the fastest pace in seven months. Output grew at its fastest pace since April, supported by strong client demand and higher production capacity. In response to higher new orders, firms raised employment. Purchasing activity continued to rise, while supplier delivery delays again partly limited the pace at which input inventory stocks increased. On the price front, input price inflation accelerated to a four-month high, due to higher material prices. As a result, firms lifted their selling prices slightly, following a marginal reduction in August. Looking ahead, business sentiment improved amid expectations for better global macroeconomic conditions. However, it remained below the long-run average.

The RatingDog China Manufacturing PMI increased to 51.5 in August 2026 from July’s four-month low of 50.9, surpassing forecasts of 51, as output and new orders rose at faster paces. New orders rose for the fifteenth consecutive month, the longest period of growth since 2018, supported by the fastest rise in foreign sales in six months. Output grew for nine consecutive months, with the latest expansion being the strongest in three months. Meanwhile, employment was steady after rising in the previous two months, while backlogs rose for the seventh month running at the fastest rate since March. Purchasing activity rose after falling in July, while delivery times were little changed compared with July. On the price front, input price inflation accelerated for the first time in four months, though modestly, due to higher material prices. However, output prices fell for the first time in 2026 so far. Lastly, business sentiment weakened to a seven-month low.