AI Data Insight
In Q2 2026 (May), China's Non-Manufacturing PMI Inventory Index edged up to 45.3, a slight improvement from the previous value of 45.1, but remained deeply below the boom-or-bust line. Although the overall Non-Manufacturing PMI returned to the expansionary zone, constrained by the economic landscape of "strong supply and weak demand" and high operating costs, enterprises' attitudes towards restocking remain conservative, and short-term restocking momentum is limited.