中国：三件值得关注的事-China_ Three things in China

1 February 2026 | 8:44PM HKT Economics Research China: Three things in China Three quick highlights from China: n NBS PMIs disappointed: The NBS manufacturing PMI fell to 49.3 in January from 50.1 in December, and the NBS non-manufacturing PMI also declined to 49.4 from 50.2—both below market expectations. This pattern mirrors 2025's trend, with stronger readings in quarter-end months (March, June, September, and December), followed by notable decreases in the month immediately after. Among the major sub-in ...