30.04.202601:34:34UTC+00China Manufacturing Growth Beats Estimates

China’s official NBS Manufacturing PMI edged down to 50.3 in April 2026 from March’s 12‑month high of 50.4, but still beat market expectations of 50.1. This was the second consecutive month of expansion, albeit at a slightly slower pace, underpinned by stronger government spending earlier in the year.

Output growth quickened to its fastest rate in four months (51.5 vs 51.4 in March), while growth in new orders moderated (50.6 vs 51.6). External demand showed signs of improvement, with new export orders returning to expansion territory (50.3 vs 49.1). Purchasing activity rose at the quickest pace in four months (51.1 vs 50.9), but employment continued to contract (48.8 vs 48.6), and supplier delivery times remained below the 50.0 threshold (49.5 vs 49.5).

Price pressures persisted: both input costs (63.7 vs 63.9) and output prices (55.1 vs 55.4) stayed elevated, though they eased slightly from the previous month. Business confidence strengthened, with the related index climbing to 54.5 from 53.2.