AI Data Insight
The latest data for the third quarter of 2026 shows that China's manufacturing PMI backlog of orders index has dropped to 46.0, continuing its decline from the previous reading of 46.7 and remaining deeply in contraction territory. Although the official manufacturing PMI recently returned to expansion, boosted by policies and external demand, the pressure on enterprises to accumulate orders on hand remains severe. Over the next 1-2 months, close attention must be paid to whether the official large-scale counter-cyclical adjustment tools can be substantially translated into end-user demand.