中国制造业采购经理指数月报（2026年4月）

China’s manufacturing PMIedges downto 50.3inApril, indicatinggrowth moderation inthe Helen ChinE: helenchin@ust.hk William KongE: williamkong@ust.hk HKUST LI & FUNGSUPPLY CHAIN INSTITUTE LSK Business BuildingThe Hong Kong University of Out ofthe13 sub-indices, four experiencedadeclinecompared withMarch.Notably,the new orders indexfellby1.0pts to 50.6inApril,indicatingslower growthinmarketdemand.In contrast,the new export orders indexincreasedby 1.2 ptsto 50.3,markingareturn to expansionary territory for the first time in two years.The output indexalsoinched up by 0.1pts to 51.5inApril,suggestingsustainedgrowth in manufacturing PMIReport on China Manufacturing By size of enterprises,the PMI of“large enterprises”droppedto50.2 in April from51.6 inMarch.Meanwhile, the PMI of“medium enterprises”jumpedto50.5 in April from49.0 inMarch.Similarly,the PMI of“smallenterprises”climbedto50.1 in April from49.3 in The output indexedged upto51.5 in April from51.4 in March.The outputindicesof“large enterprises”,“medium enterprises”and“small enterprises” all stayedabovethe The new orders indexdecreasedto50.6 in April from51.6 in March.The new ordersindicesof“large enterprises”,“medium enterprises”and “small enterprises”all stayedin The new export ordersindexjumpedto50.3 in April from49.1 in March.The new exportordersindicesof“large enterprises”and“small enterprises”rose abovethecritical 50-mark,registering50.6and51.8respectively inApril.Meanwhile, the new export orders The backlogs of orders indexdeclinedto46.2 in April from47.1 in March.Thebacklogsof orders indicesof“large enterprises”,“medium enterprises”and“small enterprises” The stocks of finished goods indexwent upto47.5 in April from46.7 in March.Thestocks of finished goods indices of“large enterprises”,“medium enterprises”and“small The stocks of major inputs indexclimbedto49.3 in April from47.7 in March. Themajorinputsindicesof“large enterprises”,“medium enterprises”and“small enterprises”all The purchases of inputs indexinched upto51.1 in April from50.9 in March.Thepurchases of inputsindexof“large enterprises”fellbacktothecontractionaryzone,registering49.7 in April. Meanwhile, the purchases of inputsindices of“medium The imports indexedged up50.1 in April from49.8 in March.Theimports indicesof“large enterprises”and“smallenterprises”stayedbelow theneutral level of50,registering49.7and47.8respectivelyinApril.Meanwhile, the imports index of“medium The input prices indexretreatedto63.7 in April from63.9 in March. Theinput pricesindicesof“large enterprises”,“medium enterprises”and“small enterprises”allremained Theex-factory prices indexdroppedto55.1 in April from55.4 in March.Theex-factory pricesindicesof“large enterprises”,“medium enterprises”and“small The employment indexincreasedto48.8 in April from48.6 in March.Theemploymentindicesof“large enterprises”,“medium enterprises”and“small enterprises”all stayedin The suppliers’ delivery time indexstayed flat at49.5 inApril compared with the previousmonth.A reading above 50 implies faster delivery; below 50, slower delivery. Thesuppliers’ delivery time indices of“large enterprises”,“medium enterprises”and“small The business expectations indexroseto54.5 in April from53.4 in March. The businessexpectations indices of“large enterprises”,“medium enterprises”and“small enterprises” CFLP 中國物流與採購聯合會 China Federation of Logistics & Purchasing (CFLP) is the logistics and purchasing industryassociation approved by the State Council. CFLP’s mission is to push forward the developmentof the logistics industry and the procurement businesses of both government and enterprises, NBS 國家統計局 The National Bureau of Statistics (NBS), an agency directly under the State Council in China, isin charge of the country’s statistics. It is responsible for formulating statistical policies andestablishing the national statistical system, drafting and enforcing the statistical laws and China Manufacturing PMI 中國製造業採購經理指數 China Manufacturing Purchasing Managers’ Index (PMI) provides an early indication eachmonth of economic activities in theChinese manufacturing sector. It is jointly published bythe Every month questionnaires are sent to 3,000 manufacturing enterprises all over China. Thedata presented herein is compiled fromthe enterprises’ responses about their purchasingactivities and supply situations. CFLP makes no representation regarding the datacollection 3,000 manufacturing enterprises in 31 industries from Eastern, Northeastern, Central andWestern China are surveyed. Thesampling of the enterprises involves the use of ProbabilityProportional to Size Sampling (PPS), which means the selection ofenterprises surveyed is There are 13 sub-indicators in the survey: Output, New Orders, New Export Orders, Backlogs ofOrders, Stocks of Finished Goods,Purchases of Inputs, Imports, Input Prices, Stocks of MajorInputs, Ex-factory Prices, Employment, Suppliers’ Delivery Time andBusiness Expectations. An The PMI is a composite index ba