China's official Manufacturing PMI, published by the NBS, surveys purchasing managers at large and state-owned enterprises. Like other PMIs, 50 is the expansion/contraction dividing line.

Why It Matters

China's manufacturing PMI is one of the earliest monthly indicators of economic momentum, released on the last day of each month. It provides critical insights into production, new orders, exports, employment, and supplier delivery times.

Official vs. Caixin PMI

The NBS PMI focuses on larger and state-owned enterprises, while the Caixin PMI (published by S&P Global) covers small and medium-sized private firms. Divergence between the two can reveal structural differences in the economy.

Market Impact

A PMI above 50 is positive for global risk assets, commodity currencies (AUD, BRL), and industrial metals. A drop below 50 weighs on global growth expectations.