China’s Manufacturing Slips as Demand Weakens Early in 2026
国内需求疲软拖累 中国制造业开年收缩
China’s factory activity contracted in January, signalling a shaky start to the year as weak domestic demand weighed on production. An official survey showed the purchasing managers’ index (PMI) fell to 49.3 from 50.1 in December, dropping below the 50 level that separates expansion from contraction. The reading also missed analysts’ expectations of 50. New orders declined to 49.2 from 50.8, reflecting softer internal demand, while new export orders slid further into contraction at 47.8, down from 49.0. The data highlights ongoing pressure on manufacturers amid sluggish consumption and uncertain global conditions.
官方数据显示，中国1月工厂活动出现收缩，显示在国内需求疲弱的背景下，新一年开局不稳。采购经理人指数（PMI）从去年12月的50.1降至49.3，跌破荣枯线50，也低于分析师预期的50。新订单指数从50.8降至49.2，反映内需走弱；新出口订单则进一步下滑至47.8，较12月的49.0明显回落。数据表明，在消费复苏乏力和全球环境不确定性加大的情况下，制造业仍面临压力。
