Overview
The private-sector China manufacturing PMI compiled by S&P Global (formerly the Caixin PMI; sponsored by RatingDog since August 2025). Weighted toward smaller private firms, complementing the official PMI. Released on the first business day of each month. Due to copyright, only the latest and previous readings are shown.
Latest release
China's RatingDog General Manufacturing PMI, compiled by S&P Global and released on September 1, 2026, rose to 51.5 in August from 50.9 in July, remaining above the 50-point threshold that separates expansion from contraction. The improvement marked a ninth consecutive month of strengthening manufacturing conditions, the longest such stretch in five years.
The headline gain was driven by stronger growth in both output and new orders. New orders rose for the fifteenth consecutive month — the longest uninterrupted expansion since 2018 — with foreign sales posting their fastest growth in six months. Factory output expanded for a ninth straight month, with August's pace of increase the strongest in three months.
Employment was unchanged after two consecutive months of growth. Backlogs of work accumulated for a seventh straight month, registering their fastest rise since March.
Past release articles
China's RatingDog General Manufacturing PMI eased to 50.9 in July 2026 from 51.7 in June, marking the eighth consecutive month of expansion above the 50.0 no-change threshold, though the reading was the weakest in four months. The data were compiled by RatingDog and S&P Global from survey responses collected between July 9 and 23, 2026. The current expansion streak is the joint-longest in five years.
The softer headline reflected slower growth in both output and new orders, with each gauge easing to a four-month low. Notably, new export orders returned to expansion for the first time in three months, providing a partial offset to the moderation in domestic demand momentum. All five PMI sub-components made positive contributions for the second consecutive month.
Employment rose for a second straight month at the fastest pace since August 2023, as firms expanded headcount to meet workloads. Input cost inflation slowed to a six-month low, allowing manufacturers to keep output prices broadly unchanged. Stocks of purchased inputs extended their build-up to an eighth consecutive month—the longest such run since 2006–07—while new purchasing activity fell for the first time since November 2025.
The RatingDog China General Manufacturing PMI (formerly the Caixin PMI), compiled by S&P Global, came in at 51.7 in June, edging down from 51.8 in May, according to the July 1 release. The index stayed above the 50 mark that separates expansion from contraction.
Output rose for a seventh consecutive month, although the pace of growth slowed to a three-month low. New orders increased for a thirteenth straight month, while new export orders fell marginally for a second month.
Employment rose for the first time in three months and at the fastest pace since August 2023. The compiler reported that business sentiment softened to its weakest level since January.