AI Data Insight
China's Manufacturing PMI Import Index for Q2 2026 (May) recorded 48.8, falling significantly from the previous value of 50.1 and dropping below the expansion-contraction threshold, reflecting a more conservative corporate procurement willingness. Constrained by weak domestic demand and geopolitically driven cost increases, the overall expansion momentum of the manufacturing sector has slowed. Going forward, attention must be paid to the pressure of passive inventory accumulation and the effect of policy support.