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

March 2026 China Purchasing Managers’ Index (PMI) Performance

Service Survey Center of the National Bureau of Statistics

China Federation of Logistics and Purchasing

I. Performance of China’s 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 critical threshold, indicating a rebound in the manufacturing business sentiment.

By enterprise size, the PMI for large enterprises was 51.6%, up 0.1 percentage points from the previous month, above the critical 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 critical threshold.

By category index, among the five category indexes that make up the manufacturing PMI, both the production index and the new orders index were above the critical threshold; the raw materials inventory index, employment index, and supplier delivery time index were all below the critical 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 market demand sentiment in manufacturing.

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

The employment index was 48.6%, up 0.6 percentage points from the previous month, indicating a rebound in employment sentiment among manufacturing enterprises.

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

II. Performance of China’s 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 critical threshold, indicating an improvement in non-manufacturing business sentiment.

By industry, the construction business activity index was 49.3%, up 1.1 percentage points from the previous month; the services business activity index was 50.2%, up 0.5 percentage points from the previous month. In terms of the services sector, the business activity indexes of industries such as railway transport, telecommunications radio and television, and satellite transmission services, monetary and financial services, and insurance were all in higher sentiment ranges of 55.0% or above; while the business activity indexes of industries such as retail, accommodation, catering, and real estate were all below the critical threshold.

The new orders index was 45.0%, down 0.2 percentage points from the previous month, indicating a retreat in market demand for non-manufacturing. By industry, the construction new orders index was 43.5%, up 1.3 percentage points from the previous month; the services 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 used by non-manufacturing enterprises for 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 services 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 critical threshold, indicating that the overall rate of decline in selling prices in the non-manufacturing sector narrowed. By industry, the construction selling prices index was 49.3%, up 1.7 percentage points from the previous month; the services 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 a decline in employment sentiment among non-manufacturing enterprises. By industry, the construction employment index was 39.1%, down 3.4 percentage points from the previous month; the services employment index was 46.2%, down 0.4 percentage points from the previous month.

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

III. Performance of China’s 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 critical threshold, indicating that the overall business and production conditions of enterprises in our country were generally improving.

(Edited by: Wenjing)

Keywords:

                                                            PMI