AI Data Insight
China's Q3 2026 manufacturing PMI finished goods inventory index rose to 48.6, rebounding from the previous Q2 value of 47.7 and ending a brief destocking trend. Against the backdrop of the overall manufacturing PMI falling below the boom-bust line and a sharp contraction in new orders, the contrarian rise in finished goods inventory highlights the pressure of passive restocking caused by weak terminal demand. If future counter-cyclical adjustment policies fail to take effect, inventory backlogs could further drag down production momentum in the second half of the year.