China Manufacturing PMI at 50.3% in April 2026

China's manufacturing Purchasing Managers' Index (PMI) stood at 50.3% in April 2026, down 0.1 percentage point from the previous month but remaining in expansion territory for the second consecutive month, according to data released by the National Bureau of Statistics (NBS) on April 30, 2026. The non-manufacturing Business Activity Index dropped to 49.4%, a decrease of 0.7 percentage points, while the composite PMI output index fell to 50.1%, down 0.4 percentage points, still above the 50-point threshold indicating overall expansion in the economy.

Manufacturing Sector Details
The manufacturing PMI of 50.3% reflects broadly stable business conditions. Production and demand both continued to expand: the Production Index was 51.5% and the New Orders Index came in at 50.6%, both above the boom-or-bust line. Sectors such as railway, shipbuilding, aerospace equipment; electrical machinery; and computer, communication and electronic equipment saw these two indices at 53.0% or above, indicating strong output and orders. Conversely, in the processing of petroleum, coal and other fuels, and chemical raw materials, both indices were below 50%, pointing to weak market activity. The Purchases Index rose 0.2 percentage points to 51.1%, as enterprises increased procurement amid steady demand.

All three size categories of enterprises were in expansion: large enterprises posted 50.2% (above the threshold for five months running), while medium and small enterprises jumped to 50.5% and 50.1% respectively, up 1.5 and 0.8 percentage points, returning to expansion and showing improved sentiment.

Among key industries, high-tech manufacturing and equipment manufacturing PMIs reached 52.2% and 51.8%, up 0.1 and 0.3 percentage points respectively. Consumer goods industry stood at 50.7%. However, high-energy-consuming industries fell to 47.9%, down 1.0 percentage point.

Price indices remained elevated. The Purchasing Price Index for main raw materials rose to 63.7%, and the Ex-factory Price Index to 55.1%, both at multi-year highs, indicating significant upward pressure on manufacturing prices. In particular, petroleum/coal processing and chemical raw materials sectors saw both price indices above 70.0% for two consecutive months.

The Production and Business Activity Expectations Index climbed to 54.5%, up 1.1 percentage points from March and rising for three months straight, reflecting growing confidence among manufacturers. Sectors such as food and beverage, automotive, and railway/shipbuilding/aerospace equipment registered expectations above 58.0%.

Non-Manufacturing Sector
The non-manufacturing Business Activity Index slipped to 49.4% in April, down 0.7 percentage points. Service sector activity came in at 49.6%, falling 0.6 percentage points. While railway transport, postal services, and telecommunications broadcast/TV/satellite services all had indices above 55.0%, wholesale, retail, and resident services were below the 50-point mark, indicating subdued activity. The Services Business Activity Expectations Index rose 0.6 points to 55.4%, returning to a high expansion range, signaling improved optimism among service providers.

Construction sector activity declined to 48.0%, down 1.3 percentage points, although its expectations index held steady at 50.5%, suggesting stable near-term outlook.

Composite PMI
The composite PMI output index came in at 50.1%, down 0.4 percentage points from March, indicating that overall business activity in China continued to expand, albeit at a slower pace. It is composed of the manufacturing Production Index (51.5%) and the non-manufacturing Business Activity Index (49.4%).

Source: National Bureau of Statistics of China. Original: https://www.stats.gov.cn/sj/sjjd/202604/t20260430_1963474.html