China’s official NBS Manufacturing PMI fell to 49.3 in January 2026 from 50.1 in the previous month, missing market estimates of 50. The latest reading signaled a loss of momentum in factory activity at the start of the year, as subdued demand conditions and cautious business sentiment continued to weigh amid ongoing structural headwinds. New orders slipped back into contraction (49.2 vs 50.8 in December), alongside a slowdown in output growth (50.6 vs 51.7). Foreign sales weakened further (47.8 vs 49.0), employment remained soft (48.1 vs 48.2), and purchasing activity declined sharply (48.7 vs 51.1). Simultaneously, delivery times were broadly unchanged (50.1 vs 50.2). On the cost front, input prices rose for a sixth consecutive month, with the pace of increase accelerating notably (56.1 vs 53.1). Selling prices returned to expansion (50.6 vs 48.9), ending a prolonged period of decrease. Finally, business confidence dropped to a six-month low (52.6 vs 55.5).

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