31.03.202601:41:15UTC+00China Manufacturing PMI Above Expectations

China’s official NBS Manufacturing PMI rose to 50.4 in March 2026, returning to expansionary territory from 49.0 in February and beating market expectations of 50.1. This was the strongest reading since March of the previous year and marked a clear rebound after two consecutive months of contraction.

Output growth accelerated (51.4 vs. 49.6 in February), while new orders rebounded sharply (51.6 vs. 48.6), indicating an improvement in domestic demand. External demand also strengthened, with new export orders rising (49.1 vs. 45.0).

Purchasing activity increased (50.9 vs. 48.2), and imports also picked up (49.8 vs. 45.6). Employment showed a modest improvement (48.6 vs. 48.0) but remained in contractionary territory. Supplier delivery times were still below the 50 threshold (49.5 vs. 49.1), suggesting persistent supply-side constraints.

On the price front, input costs rose sharply (63.9 vs. 54.8), and output prices also moved higher (55.4 vs. 50.6). Business confidence eased only marginally (53.4 vs. 53.2) and remained firmly in optimistic territory.