Manufacturing PMI for March was 50.4%, up 1.4 percentage points from the previous month.

March 2026 China Purchasing Managers’ Index Performance

Service Survey Center, National Bureau of Statistics

China Federation of Logistics and Purchasing

I. Performance of the China Manufacturing Purchasing Managers’ Index

In March, the Manufacturing Purchasing Managers’ Index (PMI) was 50.4%, up 1.4 percentage points from the previous month, above the threshold, indicating a rebound in manufacturing business conditions.

By enterprise size, the PMI for large enterprises was 51.6%, up 0.1 percentage points from the previous month, above the threshold; the PMIs for small and medium-sized enterprises were 49.0% and 49.3%, respectively, up 1.5 and 4.5 percentage points from the previous month, both below the threshold.

By category, among the five sub-indices that make up the manufacturing PMI, the production index and the new orders index were both above the threshold, while the raw materials inventory index, the employment index, and the supplier delivery time index were all below the threshold.

The production index was 51.4%, up 1.8 percentage points from the previous month, indicating that manufacturing production activities accelerated.

The new orders index was 51.6%, up 3.0 percentage points from the previous month, indicating a clear improvement in the manufacturing market demand business conditions.

The raw materials inventory index was 47.7%, up 0.2 percentage points from the previous month, indicating that the decline in inventories of major raw materials in manufacturing narrowed.

The employment index was 48.6%, up 0.6 percentage points from the previous month, indicating that employment business conditions in manufacturing enterprises rebounded.

The supplier delivery time index was 49.5%, up 0.4 percentage points from the previous month, below the threshold, indicating that delivery times of raw materials suppliers in manufacturing were longer than last month.

II. Performance of the China Non-Manufacturing Purchasing Managers’ Index

In March, the Non-Manufacturing Business Activity Index was 50.1%, up 0.6 percentage points from the previous month, above the threshold, indicating that non-manufacturing business conditions improved.

By industry, the construction business activity index was 49.3%, up 1.1 percentage points from the previous month; the service industry business activity index was 50.2%, up 0.5 percentage points from the previous month. In the service industries, the business activity indices for railway transport, telecommunications broadcasting and television and satellite transmission services, monetary and financial services, insurance, and others were all above 55.0%, staying in a relatively high business conditions range; while the business activity indices for retail, accommodation, catering, real estate, and other industries were all below the threshold.

The new orders index was 45.0%, down 0.2 percentage points from the previous month, indicating that non-manufacturing market demand fell back somewhat. By industry, the construction new orders index was 43.5%, up 1.3 percentage points from the previous month; the service industry new orders index was 45.3%, down 0.4 percentage points from the previous month.

The input prices index was 52.3%, up 1.4 percentage points from the previous month, indicating that the overall level of input prices for non-manufacturing enterprises used in business activities continued to rise. By industry, the construction input prices index was 52.7%, up 3.6 percentage points from the previous month; the service industry input prices index was 52.2%, up 1.0 percentage point from the previous month.

The selling prices index was 49.9%, up 1.1 percentage points from the previous month, still below the threshold, indicating that the overall decline in selling prices for non-manufacturing businesses narrowed. By industry, the construction selling prices index was 49.3%, up 1.7 percentage points from the previous month; the service industry selling prices index was 50.0%, up 1.0 percentage point from the previous month.

The employment index was 45.2%, down 0.8 percentage points from the previous month, indicating that employment business conditions in non-manufacturing enterprises declined. By industry, the construction employment index was 39.1%, down 3.4 percentage points from the previous month; the service industry employment index was 46.2%, down 0.4 percentage points from the previous month.

The business activity expectations index was 54.2%, down 0.8 percentage points from the previous month, still above the threshold, indicating that non-manufacturing enterprises remain optimistic about market development. By industry, the construction business activity expectations index was 50.5%, down 0.4 percentage points from the previous month; the service industry business activity expectations index was 54.8%, down 1.0 percentage point from the previous month.

III. Performance of the China Composite PMI Output Index

In March, the Composite PMI Output Index was 50.5%, up 1.0 percentage point from the previous month, above the threshold, indicating that overall business conditions for production and operations among Chinese enterprises are generally improving.

(Editor: Wenjing)

Keywords:

                                                            PMI