China’s RatingDog China General Composite PMI slipped to 51.5 in March 2026, down from February’s 33‑month high of 55.4. Despite this moderation, the index remained broadly in line with its two‑year average, signaling that activity continued to expand, with growth still underpinned by both manufacturing and services.
Total new orders increased at a slower pace, but gains across both sectors continued to support overall demand. Backlogs of work rose at the fastest rate in six months, highlighting mounting capacity pressures.
Employment, however, continued to edge down overall, as job growth in manufacturing was insufficient to offset declines in other areas.
On the price front, input cost inflation accelerated to its highest level since May 2022, driven largely by a sharp rise in manufacturing costs. By contrast, output charge inflation eased slightly from February and remained close to its long‑run average.
