AI Data Insight
In Q3 2026 (July), China's Non-Manufacturing PMI Backlog of Orders index fell to 42.8, a further decline from the previous 43.3, indicating an accelerated depletion of uncompleted orders. The overall Non-Manufacturing PMI also unexpectedly fell below the boom-or-bust line to 49.0, missing market expectations and reflecting the dual blow of extreme weather and sluggish domestic demand on the construction and service sectors. Going forward, the market will highly focus on the implementation strength and effectiveness of official counter-cyclical stimulus policies.