The RatingDog China General Manufacturing PMI rose to 52.1 in February 2026 from 50.3 in January, its highest reading since December 2020 and the third consecutive month of expansion in factory activity. Output recorded its strongest gain since June 2024, while new orders increased for a ninth straight month, with growth at its fastest since December 2020. Foreign demand saw its sharpest rise since September 2020. Backlogs of work continued to expand, and employment edged higher for a second month, marking the first consecutive increase in staffing since mid-2021.
Purchasing activity accelerated to its quickest pace since November 2024, underpinning a solid buildup in input inventories as supplier delivery times shortened slightly. On the cost side, input price inflation quickened to its highest rate since June 2022, partly reflecting higher metal prices, though it remained below the long-run average. Output price inflation reached a 15-month high. Finally, business confidence climbed to an 11-month peak, supported by expectations of stronger demand and enhanced operating capacity.
