AI Data Insight
In the third quarter of 2026 (July), China's manufacturing PMI import sub-index recorded 48.6, a mild rebound from the previous reading of 47.5, but still continuously remained below the boom-or-bust line. Against the backdrop of the overall manufacturing PMI unexpectedly falling into the contraction zone, this reflects that the property slump and weak domestic demand continue to suppress manufacturers' momentum in restocking. The market is closely watching the effectiveness of the subsequent implementation of official fiscal stimulus.