China’s official NBS Manufacturing PMI rose to 50.1 in September 2026 from 49.8 in August, in line with market expectations. It was the first expansion in factory activity since June, driven by continued growth in demand. Output growth accelerated (51.7 vs 50.4 in August), while new orders continued to increase, though at a slightly slower pace (50.5 vs 50.6). Meanwhile, employment continued to decline (48.4 vs 48.7).