N環球 
China's September PMI returns to expansion: manufacturing at 50.1, services at 50.2
China's official manufacturing PMI rose to 50.1 in September, back above the expansion line after two months of contraction, while the services gauge climbed to 50.2 as Beijing rolled out fresh stimulus.
Why it matters
The September readings end two straight months of contraction for the official manufacturing gauge, offering the first hard evidence that Beijing's stimulus push is steadying the economy as it enters the final quarter of 2026. But with retail sales and investment still weak and the property downturn dragging on, economists caution the recovery remains fragile.
Full report
China's official manufacturing purchasing managers' index (PMI) rose to 50.1 in September from 49.8 in August, according to the National Bureau of Statistics (NBS), matching the median forecast in a Reuters poll. A reading above 50 marks expansion. The sub-index for new orders stood at 50.5 and production at 51.7.
Reuters reported that easing weather disruptions let factories resume operations and that a global artificial-intelligence boom supported the industrial sector. NBS chief statistician Huo Lihui said equipment and high-tech manufacturing accelerated.
The official non-manufacturing PMI, covering services and construction, jumped to 50.2 from 49.0 in August — its first return to expansion in months — with construction activity hitting its highest level this year.
A separate private survey painted an even brighter picture: the RatingDog China General Manufacturing PMI came in at 52.1, while services hit a three-month high of 51.6 and the composite index rose to 52.4 from 52.1 in August. New export orders grew at a faster clip, Reuters reported.
The data landed alongside a package of support measures unveiled Tuesday: the finance ministry pledged mortgage subsidies for qualified home buyers, and the People's Bank of China expanded a lending-support quota for banks financing infrastructure, technology and small firms — while cutting the interest rate on that program.
Lynn Song, ING's chief economist for Greater China, said a fresh round of support could help shore up the economy's weakest areas. Reuters noted that China has relied heavily on exports and industrial production this year, with its global trade surplus on pace to top $1 trillion for a second straight year.
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