Divergent Chinese PMIs Suggest Resilient External Demand, But Soft Domestic Environment

March 04, 2026 02:35:00 am

Source: SeekingAlpha

2026-03-04 02:35:00 ET

By Lynn Song , Chief Economist, Greater China

Manufacturing PMI showed significant divergence

China's official manufacturing PMI declined to 49.0 in February, down from 49.3. The data, published by the National Bureau of Statistics, came in weaker than market forecasts for 49.2. The reading below the 50 threshold, which demarcates expansion and contraction, shows manufacturing has now contracted in 10 of the past 11 months. The 49.0 level itself is in line with multiple other months for a 33-month low....

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Divergent Chinese PMIs Suggest Resilient External Demand, But Soft Domestic Environment