AI Data Insight
In Q3 2026 (July), China's small enterprise manufacturing PMI fell to 47.4, dipping further from the previous value of 48.2, and the overall manufacturing PMI also dropped below the boom-or-bust threshold. Under the multiple blows of the traditional off-season, extreme weather, and sluggish domestic demand, both new orders and production indices of enterprises fell across the board. In the medium to long term, close attention must be paid to the substantial implementation effects of the official counter-cyclical adjustment policies.