AI Data Insight
The newly released China Manufacturing PMI Backlog of Orders Index for Q2 2026 came in at 46.8, a slight rebound from the previous reading of 46.2, but remains below the 50 boom-or-bust line, indicating a continued decline in unfinished orders. Benefiting from export orders returning to expansion for the first time, combined with strong operations on the production end, enterprises are able to quickly fulfill backlogged orders. Looking ahead, under the dual variables of external geopolitical risks and weak domestic demand, the growth momentum of new orders will be the key determining the sustainability of the overall manufacturing expansion.