National Bureau of Statistics: Manufacturing Purchasing Managers' Index Declined Slightly; High-Tech Manufacturing Growth Momentum Continues to Show

Chief Statistician Huo Lihui from the Service Industry Survey Center of the National Bureau of Statistics interprets China’s Purchasing Managers’ Index (PMI) for February 2026. In February, the manufacturing PMI was 49.0%, indicating a decline in economic activity compared to the previous month. Historically, PMI tends to fluctuate during the month of the Spring Festival, especially this year when the holiday was extended and fell entirely in the second half of February, which affected business operations. Overall, manufacturing market activity has decreased. The production index and new orders index were 49.6% and 48.6%, respectively, down 1.0 and 0.6 percentage points from last month, reflecting a slowdown in manufacturing output and market demand.

Industry-wise, sectors such as agricultural and sideline food processing, and computer, communication, and electronic equipment have indices above the critical point, indicating expansion in production and demand. Conversely, sectors like textiles, apparel, and automotive continue to have indices below the critical point, showing weaker market activity. The high-tech manufacturing PMI was 51.5%, remaining in expansion territory and significantly higher than the overall manufacturing level, indicating a positive development trend in related industries. The consumer goods PMI was 48.8%, up 0.5 percentage points from last month, signaling a recovery in market confidence. Meanwhile, the PMI for equipment manufacturing and high-energy-consuming industries was 49.8% and 47.8%, respectively, down 0.3 and 0.1 percentage points from last month, indicating a slight decline in their activity levels.