AI Data Insight
In Q2 2026 (May), China's manufacturing PMI new export orders index dropped sharply from the previous 50.3 to 48.6, falling below the 50 boom-bust line once again, indicating a significant cooling in overseas demand. Against the backdrop of production and demand divergence in the overall manufacturing sector, the contraction in consumer goods exports became the main drag, while persistently high raw material costs further squeezed corporate profits. Going forward, close attention must be paid to the supporting strength of high-tech industries and the specific effectiveness of official policies to expand domestic demand.