Data from the National Bureau of Statistics (NBS) show that in June, the manufacturing Purchasing Managers' Index (PMI) stood at 50.3%, up 0.3 percentage points MoM, returning to expansion territory. By enterprise size, the PMI for large enterprises was 50.7%, down 0.4 percentage points MoM but still above the threshold; the PMI for medium-sized enterprises was 50.5%, up 1.9 percentage points MoM, above the threshold; and the PMI for small enterprises was 48.2%, down 0.3 percentage points MoM, below the threshold. Looking at the sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index and the new orders index were above the threshold, while the raw material inventory index, the employment index, and the supplier delivery time index were all below the threshold. Huo Lihui, chief statistician of the Service Industry Survey Center of the NBS, interpreted China's PMI for June 2026. In June, the non-manufacturing business activity index was 50.2%, up 0.1 percentage points MoM, indicating a rebound in the non-manufacturing sector. The expansion of the service sector accelerated. The business activity index for the service sector was 50.4%, up 0.1 percentage points MoM, showing an improvement in sector sentiment. By industry, business activity indices for sectors such as telecommunications, radio and television, and satellite transmission services, internet software and information technology services, monetary and financial services, and insurance all remained in the relatively high prosperity territory above 55.0%, with rapid growth in total business volume; the business activity indices for air transport, real estate, and other industries continued to be below the threshold. The business activity expectations index for the service sector was 56.0%, up 0.6 percentage points MoM, indicating that enterprises are optimistic about future market development. The construction sector saw some improvement. The business activity index for construction was 49.0%, up 0.2 percentage points MoM, with its sentiment edging up slightly. The business activity expectations index for construction was 51.1%, remaining in expansion territory.
Performance of China's Purchasing Managers' Index for June 2026
I. Performance of China's Manufacturing Purchasing Managers' Index
In June, the manufacturing Purchasing Managers' Index (PMI) was 50.3%, up 0.3 percentage points MoM, returning to expansion territory.
By enterprise size, the PMI for large enterprises was 50.7%, down 0.4 percentage points MoM but still above the threshold; the PMI for medium-sized enterprises was 50.5%, up 1.9 percentage points MoM, above the threshold; and the PMI for small enterprises was 48.2%, down 0.3 percentage points MoM, below the threshold.
Looking at the sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index and the new orders index were above the threshold, while the raw material inventory index, the employment index, and the supplier delivery time index were all below the threshold.
The production index was 51.4%, up 0.2 percentage points MoM, indicating that manufacturing production activity expanded at an accelerated pace.
The new orders index was 51.2%, up 1.3 percentage points MoM, indicating a rebound in manufacturing market demand.
The raw material inventory index was 48.4%, down 0.2 percentage points MoM, indicating that the inventory of major raw materials in manufacturing continued to decline.
The employment index was 48.5%, down 0.1 percentage points MoM, indicating that the labor demand in the manufacturing sector pulled back slightly.
The supplier delivery time index was 49.9%, up 0.7 percentage points MoM but still below the threshold, indicating that delivery times for manufacturing raw material suppliers slowed slightly.
II. Performance of China's Non-Manufacturing Purchasing Managers' Index
In June, the non-manufacturing business activity index was 50.2%, up 0.1 percentage points MoM, indicating that non-manufacturing sector sentiment rebounded somewhat.
By industry, the business activity index for construction was 49.0%, up 0.2 percentage points MoM; the business activity index for the service sector was 50.4%, up 0.1 percentage points MoM. Within the service sector, business activity indices for sectors such as telecommunications, radio and television, and satellite transmission services, internet software and information technology services, monetary and financial services, and insurance all remained in the relatively high prosperity territory above 55.0%; the business activity indices for air transport, real estate, and other industries were all below the threshold.
The new orders index was 48.0%, up 3.0 percentage points MoM, indicating a marked improvement in non-manufacturing market demand. By industry, the new orders index for construction was 46.3%, up 2.8 percentage points MoM; the new orders index for the service sector was 48.4%, up 3.1 percentage points MoM.
The input price index was 49.7%, down 2.5 percentage points MoM, below the threshold, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities pulled back. By industry, the input price index for construction was 50.4%, down 3.3 percentage points MoM; the input price index for the service sector was 49.6%, down 2.4 percentage points MoM.
The selling price index was 48.4%, down 0.4 percentage points MoM, indicating that the overall level of non-manufacturing enterprise selling prices continued to decline. By industry, the selling price index for construction was 49.8%, up 1.2 percentage points MoM; the selling price index for the service sector was 48.2%, down 0.7 percentage points MoM.
The employment index was 45.8%, up 0.2 percentage points MoM, indicating that labor demand in the non-manufacturing sector improved. By industry, the employment index for construction was 42.3%, up 0.9 percentage points MoM; the employment index for the service sector was 46.4%, unchanged MoM.
The business activity expectations index was 55.3%, up 0.5 percentage points MoM, indicating that non-manufacturing enterprises are generally more optimistic about future market development. By industry, the business activity expectations index for construction was 51.1%, down 0.4 percentage points MoM; the business activity expectations index for the service sector was 56.0%, up 0.6 percentage points MoM.
III. Performance of China's Composite PMI Output Index
In June, the composite PMI output index was 50.6%, up 0.1 percentage points MoM, indicating that the overall expansion of production and business activities of Chinese enterprises accelerated slightly.
Manufacturing PMI rose into expansion territory in June, while the non-manufacturing business activity index continued to expand
—Interpretation of China's Purchasing Managers' Index for June 2026 by Huo Lihui, Chief Statistician of the Service Industry Survey Center of the NBS
On June 30, 2026, the Service Industry Survey Center of the NBS and the China Federation of Logistics and Purchasing released China's Purchasing Managers' Index. Huo Lihui, chief statistician of the NBS Service Industry Survey Center, provided an interpretation.
In June, the manufacturing PMI was 50.3%, up 0.3 percentage points MoM, returning to expansion territory; the non-manufacturing business activity index and the composite PMI output index were 50.2% and 50.6%, respectively, both up 0.1 percentage points MoM, indicating a rebound in China's overall economic sentiment.
I. Manufacturing PMI Rose into Expansion Territory
In June, the manufacturing PMI was 50.3%, with production and business activities in the manufacturing sector accelerating from the previous month.
(1) Both production and demand expanded. The manufacturing production index was 51.4%, up 0.2 percentage points MoM, indicating that production activities at enterprises expanded at a faster pace; the new orders index rose into expansion territory, at 51.2%, up 1.3 percentage points MoM, showing an improvement in market demand. By industry, in sectors such as agricultural and sideline food processing, special-purpose equipment, and computer, communication, and electronic equipment, both the production index and the new orders index were above 54.0%, indicating robust supply and demand; in sectors such as chemical fibers, rubber, and plastic products, as well as the smelting and pressing of ferrous metals, both indices continued to be below the threshold, suggesting that supply and demand on both ends remained insufficient.
(2) Both large and medium-sized enterprise PMIs were above the threshold. The manufacturing PMI for large enterprises was 50.7%, continuing to stay in expansion; the PMI for medium-sized enterprises was 50.5%, up 1.9 percentage points MoM, with their sentiment rebounding markedly; the PMI for small enterprises was 48.2%, with their sentiment pulling back somewhat.
(3) High-tech manufacturing continued to perform well. The high-tech manufacturing PMI was 53.5%, up 0.6 percentage points MoM, noticeably higher than the overall manufacturing PMI, showing that high-end manufacturing development continued to be positive with a further strengthened leading role; the PMIs for the equipment manufacturing and consumer goods sectors were 52.5% and 50.2%, respectively, up 0.4 and 0.5 percentage points MoM, with sector sentiment strengthening somewhat; the PMI for high-energy-consuming industries was 47.1%, unchanged MoM.
(4) Market expectations rebounded somewhat. The manufacturing production and business activity expectations index was 54.3%, up 0.4 percentage points MoM, indicating that enterprises' confidence in the market strengthened somewhat. By industry, in sectors such as special-purpose equipment, railway, shipbuilding, aerospace, and other transportation equipment, and electrical machinery and equipment, the production and business activity expectations indices were all in the relatively high prosperity territory above 57.0%, with relevant enterprises being more optimistic about the sector's development.
II. Non-Manufacturing Business Activity Index Edged Up
In June, the non-manufacturing business activity index was 50.2%, up 0.1 percentage points MoM, indicating that non-manufacturing sector sentiment rebounded somewhat.
(1) The expansion of the service sector accelerated. The business activity index for the service sector was 50.4%, up 0.1 percentage points MoM, with sentiment improving somewhat. By industry, business activity indices for sectors such as telecommunications, radio and television, and satellite transmission services, internet software and information technology services, monetary and financial services, and insurance all remained in the relatively high prosperity territory above 55.0%, with rapid growth in total business volume; the business activity indices for air transport, real estate, and other industries continued to be below the threshold. The business activity expectations index for the service sector was 56.0%, up 0.6 percentage points MoM, indicating that enterprises are optimistic about future market development.
(2) The construction sector sentiment improved somewhat. The business activity index for construction was 49.0%, up 0.2 percentage points MoM, with its sentiment edging up slightly. The business activity expectations index for construction was 51.1%, continuing to stay in expansion.
III. Composite PMI Output Index Continued to Expand
In June, the composite PMI output index was 50.6%, up 0.1 percentage points MoM, indicating that the overall expansion of production and business activities of Chinese enterprises accelerated slightly. The manufacturing production index and the non-manufacturing business activity index, which constitute the composite PMI output index, were 51.4% and 50.2%, respectively.
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