国家统计局：制造业生产保持扩张

Core Insights - The manufacturing Purchasing Managers' Index (PMI) in China decreased to 49.3% in January 2026, indicating a decline in economic activity as it fell below the neutral level of 50% [1] - The non-manufacturing business activity index also dropped to 49.4%, down 0.8 percentage points from the previous month, reflecting a slowdown in sectors such as construction [1] - The service sector's business activity index slightly decreased to 49.5%, a decline of 0.2 percentage points, indicating a general weakening in service industry performance [1] Manufacturing Sector - The manufacturing PMI indicates that production continues to expand, but certain industries are entering a traditional off-season, contributing to the overall decline [1] - The effective market demand remains insufficient, which is a key factor in the lower PMI reading [1] Non-Manufacturing Sector - The non-manufacturing business activity index's decline is attributed to decreased activity in the construction industry and other sectors [1] - Despite the overall drop, the financial market remains active, with certain sectors like monetary financial services and capital market services showing strong performance, with indices above 65.0% [1] Service Sector - The service sector's business activity index reflects a slight downturn, but the business activity expectation index rose to 57.1%, indicating improved confidence among service enterprises regarding future market developments [1]