The manufacturing Purchasing Managers’ Index remained in expansionary territory in April — An interpretation of the April 2026 China Purchasing Managers’ Index by Huo Lihui, Chief Statistician at the National Bureau of Statistics’ Service Industry Survey

　　On April 30, 2026, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. In this regard, Huo Lihui, chief statistician of the National Bureau of Statistics Service Industry Survey Center, provided an interpretation.

　　In April, the manufacturing purchasing manager index was 50.3%, slightly lower than the previous month by 0.1 percentage points, continuing to be in the expansion range; the non-manufacturing business activity index was 49.4%, down 0.7 percentage points from the previous month; the comprehensive PMI output index was 50.1%, down 0.4 percentage points from the previous month, still above the critical point, indicating that the overall output of China's economy remains in expansion.

　　1. The manufacturing purchasing manager index has been above the critical point for two consecutive months

　　In April, the manufacturing PMI was 50.3%, with the overall prosperity level stable, and the manufacturing industry continued its good operating trend.

　　(a) Both production and demand continued to expand. The production index was 51.5%, and the new orders index was 50.6%, both continuing to be above the critical point, with manufacturing enterprises' production and market demand maintaining expansion. From an industry perspective, the production index and new orders index of industries such as railway, ship, aerospace equipment, electrical machinery, and computer communication electronic equipment were all at 53.0% and above, with rapid release of production and demand in related industries; the two indices of industries such as petroleum, coal, and other fuel processing, chemical raw materials, and chemical products were below the critical point, with weak market activity. Driven by factors such as continued expansion of production and demand, enterprises' willingness to purchase further strengthened, with the purchase volume index at 51.1%, up 0.2 percentage points from the previous month.

　　(b) The PMI of large, medium, and small enterprises all remained in the expansion range. The PMI of large enterprises was 50.2%, above the critical point for five consecutive months; the PMI of medium and small enterprises were 50.5% and 50.1%, respectively, up 1.5 and 0.8 percentage points from the previous month, both rising to the expansion range, with a significant rebound in prosperity levels.

　　(c) The three major key industries continued the expansion trend. The PMI of high-tech manufacturing and equipment manufacturing were 52.2% and 51.8%, respectively, up 0.1 and 0.3 percentage points from the previous month, with the development trend of related industries continuing to improve; the PMI of the consumer goods industry was 50.7%, continuing to remain in the expansion range. The PMI of high energy-consuming industries was 47.9%, down 1.0 percentage points from the previous month, with a decline in prosperity levels.

　　(d) The price index operated at a high level. Affected by factors such as recent high fluctuations in the prices of some bulk commodities, the main raw material purchase price index and the factory price index were 63.7% and 55.1%, respectively, continuing to be at high levels in recent years, with a significant increase in the overall price level of the manufacturing market. From an industry perspective, the two price indices of industries such as petroleum, coal, and other fuel processing, chemical raw materials, and chemical products were above 70.0% for two consecutive months, with continued increases in raw material procurement and product sales prices in related industries.

　　(e) Market expectations continued to strengthen. The production and operation activity expectation index was 54.5%, up 1.1 percentage points from the previous month, rising for three consecutive months, with manufacturing enterprises' confidence in recent market development continuing to strengthen. From an industry perspective, the production and operation activity expectation indices of industries such as food and beverage refined tea, automobiles, railway, ship, and aerospace equipment were all above 58.0%, in a high prosperity range, with related enterprises being more optimistic about industry development.

　　2. The non-manufacturing business activity index has declined

　　In April, the non-manufacturing business activity index was 49.4%, down 0.7 percentage points from the previous month, with a decline in the prosperity level of non-manufacturing industries.

　　(a) The prosperity of the service industry has declined. The service industry business activity index was 49.6%, down 0.6 percentage points from the previous month. From an industry perspective, the business activity indices of industries such as railway transportation, postal services, telecommunications, broadcasting, television, and satellite transmission services were all above 55.0%, in a high prosperity range, with rapid growth in business volume; the business activity indices of industries such as wholesale, retail, and resident services were all below the critical point, with weak market activity. From a market expectation perspective, the service industry business activity expectation index was 55.4%, up 0.6 percentage points from the previous month, rising to above 55.0%, in a high prosperity range, indicating that service industry enterprises have increased confidence in future market development.

　　(b) The prosperity of the construction industry is weak. The construction industry business activity index was 48.0%, down 1.3 percentage points from the previous month, with a decline in prosperity levels. From a market expectation perspective, the construction industry business activity expectation index was 50.5%, unchanged from the previous month, indicating that construction industry enterprises maintain stable expectations for recent industry development.

　　3. The comprehensive PMI output index remains in expansion

　　In April, the comprehensive PMI output index was 50.1%, down 0.4 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises continue to remain in expansion. The manufacturing production index and non-manufacturing business activity index, which constitute the comprehensive PMI output index, were 51.5% and 49.4%, respectively.