AI Data Insight
China's non-manufacturing PMI new export orders for September 2026 (Q3 2026) recorded 48.5, an increase of 1.5 percentage points from the previous value of 47.0, significantly narrowing the pace of contraction. Benefiting from the "Golden September and Silver October" peak season effect and infrastructure policy efforts, the overall non-manufacturing PMI beat consensus expectations at 50.2, returning to the expansionary zone. The market expects official authorities to continue rolling out fiscal stimulus to counter downside risks such as the property market downturn.