China Business Confidence

Last Release

Jan 31, 2026

Actual

49.3

Units In

Points

50.1

Frequency

Monthly

Next Release

Mar 04, 2026

Time to Release

30 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
59.2 Apr 2008	35.7 Feb 2020	51.2 Points	2005-2026	National Bureau of Statistics of China

In China, the NBS Manufacturing Purchasing Manager Index measures the performance of the manufacturing sector and is derived from a survey of more large-scale, state-owned companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. .

Latest Updates

China’s official NBS Manufacturing PMI fell to 49.3 in January 2026 from 50.1 in the previous month, missing market estimates of 50. The latest reading signaled a loss of momentum in factory activity at the start of the year, as subdued demand conditions and cautious business sentiment continued to weigh amid ongoing structural headwinds. New orders slipped back into contraction (49.2 vs 50.8 in December), alongside a slowdown in output growth (50.6 vs 51.7). Foreign sales weakened further (47.8 vs 49.0), employment remained soft (48.1 vs 48.2), and purchasing activity declined sharply (48.7 vs 51.1). Simultaneously, delivery times were broadly unchanged (50.1 vs 50.2). On the cost front, input prices rose for a sixth consecutive month, with the pace of increase accelerating notably (56.1 vs 53.1). Selling prices returned to expansion (50.6 vs 48.9), ending a prolonged period of decrease. Finally, business confidence dropped to a six-month low (52.6 vs 55.5).