China NBS PMI

研报英文原文证据摘录

China NBS PMI

Economics ● China

30 June 2026

Table 2. China NBS Non-manufacturing PMI

Summary of NBS Non-Manufacturing PMI

Jun-26 May-26 Apr-26

Business Activity 50.2 50.1 49.4

Services 50.4 50.3 49.6

Construction 49.0 48.8 48.0

New Business 48.0 45.0 44.3

New Export Order 47.9 48.1 47.3

Backlog Order 44.2 43.8 42.4

Inventory 45.3 45.1 45.3

Input Price 49.7 52.2 51.7

Sales Price 48.4 48.8 48.1

Employment 45.8 45.6 45.5

Suppliers' Delivery Time 51.3 51.2 50.9

Business Expectation 55.3 54.8 54.7

Above or equal to 50, rising or unchanged Below 50, rising or unchanged

Above or equal to 50, falling Below 50, falling

Source: CEIC, HSBC

Implications

China’s June manufacturing PMI edged up and returned to expansion, supported by easing Middle East tensions and improving

China–US trade relations. Encouragingly, the upturn also broadened to medium-sized enterprises this month, likely suggesting better

near-term momentum in June compared with April-May. That said, the recovery remains K-shaped—strength is still concentrated in

policy-supported and export-oriented sectors, while traditional sectors remain the key laggard. Looking ahead, softer energy costs

should continue to ease pressure on midstream and downstream industries, and while domestic end-demand is still subdued,

marginal improvements should continue, with fiscal support—particularly infrastructure—likely to stay in the lead into Q3.

The breakdown suggests new export orders remained a key driver this month, with the reading rising by 1.5pts versus a 1.3pts

increase in overall orders. The de-escalation of the Middle East conflict likely helped lift corporate and consumer confidence, while a

potential recovery in global demand should provide further support to China’s export performance, which has remained resilient so