China manufacturing activity contracts in January as demand weakens
China’s official manufacturing PMI fell to 49.3 in January while the non-manufacturing sector also dropped, signaling weak demand despite new policy measures.
洞察:
Manufacturing activity in CN 
CN contracted unexpectedly in January as both domestic and external demand weakened. The official manufacturing purchasing managers index (PMI) fell to 49.3 in January 2026, down from 50.1 in December 2025. This latest reading missed a Reuters poll forecast which had anticipated the index to remain at 50.0.
CN contracted unexpectedly in January as both domestic and external demand weakened. The official manufacturing purchasing managers index (PMI) fell to 49.3 in January 2026, down from 50.1 in December 2025. This latest reading missed a Reuters poll forecast which had anticipated the index to remain at 50.0.The decline was reflected across several key activity indicators. The sub-index for new orders fell to 49.2 from 50.8 in December 2025, while the sub-index for new export orders fell to 47.8 from 49.0 in the previous month. Additionally, the non-manufacturing PMI, which covers the services and construction sectors, dropped to 49.4 in January 2026 from 50.2 in December 2025.