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

March 2026 China’s Purchasing Managers’ Index (PMI) Performance

Service Survey Center of the National Bureau of Statistics

China Federation of Logistics and Purchasing

I. China’s Manufacturing Purchasing Managers’ Index Performance

In March, the Manufacturing Purchasing Managers’ Index (PMI) was 50.4%, up by 1.4 percentage points from the previous month, staying above the critical point, indicating a rebound in the overall business conditions of the manufacturing sector.

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

By sub-indices, among the five sub-indices that make up the manufacturing PMI, both the Production Index and the New Orders Index were above the critical point. The Raw Materials Inventory Index, the Employment Index, and the Suppliers’ Delivery Time Index were all below the critical point.

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

The New Orders Index was 51.6%, up by 3.0 percentage points from the previous month, indicating that market demand in manufacturing improved notably.

The Raw Materials Inventory Index was 47.7%, up by 0.2 percentage point from the previous month, indicating that the decline in inventories of key raw materials in manufacturing narrowed.

The Employment Index was 48.6%, up by 0.6 percentage point from the previous month, indicating that employment conditions in manufacturing firms improved.

The Suppliers’ Delivery Time Index was 49.5%, up by 0.4 percentage point from the previous month and below the critical point, indicating that suppliers of raw materials in manufacturing extended delivery times compared with the previous month.

II. China’s Non-Manufacturing Purchasing Managers’ Index Performance

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

By industry, the Business Activity Index for construction was 49.3%, up by 1.1 percentage points from the previous month; the Business Activity Index for services was 50.2%, up by 0.5 percentage point from the previous month. In the services sector, the Business Activity Indexes for industries such as rail transport, telecommunications, radio and television, and satellite transmission services, monetary and financial services, insurance, and so on were all in higher-activity ranges above 55.0%; the Business Activity Indexes for industries such as retail, accommodation, catering, real estate, and so on were all below the critical point.

The New Orders Index was 45.0%, down by 0.2 percentage point from the previous month, indicating that market demand in non-manufacturing saw a pullback. By industry, the New Orders Index for construction was 43.5%, up by 1.3 percentage points from the previous month; the New Orders Index for services was 45.3%, down by 0.4 percentage point from the previous month.

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

The Selling Prices Index was 49.9%, up by 1.1 percentage points from the previous month, still below the critical point, indicating that the overall decline in selling prices in non-manufacturing narrowed. By industry, the Selling Prices Index for construction was 49.3%, up by 1.7 percentage points from the previous month; the Selling Prices Index for services was 50.0%, up by 1.0 percentage point from the previous month.

The Employment Index was 45.2%, down by 0.8 percentage point from the previous month, indicating that employment conditions in non-manufacturing enterprises weakened. By industry, the Employment Index for construction was 39.1%, down by 3.4 percentage points from the previous month; the Employment Index for services was 46.2%, down by 0.4 percentage point from the previous month.

The Business Activity Expectations Index was 54.2%, down by 0.8 percentage point from the previous month, still above the critical point, indicating that non-manufacturing enterprises remain optimistic about market development. By industry, the Business Activity Expectations Index for construction was 50.5%, down by 0.4 percentage point from the previous month; the Business Activity Expectations Index for services was 54.8%, down by 1.0 percentage point from the previous month.

III. China’s Composite PMI Output Index Performance

In March, the Composite PMI Output Index was 50.5%, up by 1.0 percentage point from the previous month, staying above the critical point, indicating that the overall business conditions of enterprises in China’s production and operations are generally improving.

(Editor: Wenjing)

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                                                            PMI