February China's Manufacturing PMI was 49.0%, Non-Manufacturing PMI was 49.5%

February 2026 China Purchasing Managers Index (PMI) Performance

National Bureau of Statistics Service Industry Survey Center

China Federation of Logistics & Purchasing

1. Manufacturing PMI Performance

In February, the Manufacturing PMI was 49.0%, down 0.3 percentage points from the previous month, indicating a slight slowdown in manufacturing activity.

Looking at enterprise size, large enterprises had a PMI of 51.5%, up 1.2 percentage points from last month, above the threshold; medium and small enterprises had PMIs of 47.5% and 44.8%, respectively, down 1.2 and 2.6 percentage points from last month, below the threshold.

Among the five component indices of the Manufacturing PMI, production, new orders, raw material inventories, employment, and supplier delivery times all fell below the threshold.

The production index was 49.6%, down 1.0 percentage point from last month, indicating a slowdown in manufacturing production activities.

The new orders index was 48.6%, down 0.6 percentage points, reflecting a decline in market demand.

The raw material inventories index was 47.5%, up 0.1 percentage points, suggesting a slight narrowing of raw material stock levels.

The employment index was 48.0%, down 0.1 percentage points, indicating a slight decline in employment activity in manufacturing firms.

The supplier delivery times index was 49.1%, down 1.0 percentage points, showing that raw material suppliers are delivering more slowly than last month.

2. Non-Manufacturing PMI Performance

In February, the Non-Manufacturing Business Activity Index was 49.5%, up 0.1 percentage points from last month, indicating an improvement in non-manufacturing activity levels.

By industry, the Construction Business Activity Index was 48.2%, down 0.6 percentage points; the Service Business Activity Index was 49.7%, up 0.2 percentage points. In the service sector, industries such as accommodation, catering, cultural, sports, and entertainment all had business activity indices above 60%, in high activity zones; meanwhile, capital market services and real estate had indices below the threshold.

The new orders index was 45.2%, down 0.9 percentage points, indicating a decline in market demand in the non-manufacturing sector. Industry-specific, the construction new orders index was 42.2%, up 2.1 percentage points; the service sector new orders index was 45.7%, down 1.4 percentage points.

The input prices index was 50.9%, up 0.9 percentage points, showing an overall increase in input costs for non-manufacturing firms. Industry-specific, the construction input prices index was 49.1%, down 2.9 percentage points; the service sector input prices index was 51.2%, up 1.5 percentage points.

The selling prices index was 48.8%, unchanged from last month and still below the threshold, indicating that selling prices in the non-manufacturing sector remain lower than last month. Industry-specific, the construction selling prices index was 47.6%, down 0.6 percentage points; the service sector selling prices index was 49.0%, up 0.1 percentage points.

The employment index was 46.0%, down 0.1 percentage points, indicating a slight decline in employment activity in non-manufacturing firms. Industry-specific, the construction employment index was 42.5%, up 1.4 percentage points; the service employment index was 46.6%, down 0.4 percentage points.

The business activity expectations index was 55.0%, down 1.0 percentage points but still in a high confidence zone, reflecting sustained optimism among non-manufacturing firms. Industry-specific, the construction expectations index was 50.9%, up 1.1 percentage points; the service sector expectations index was 55.8%, down 1.3 percentage points.

3. China Composite PMI Output Index Performance

In February, the Composite PMI Output Index was 49.5%, down 0.3 percentage points from last month, indicating a slight slowdown in overall business production and operations in China.

(Edited by: Wen Jing)

Keywords: PMI