Skip to Navigation Skip to Posts Skip to Content
🇨🇳 China's PMIs split in April: manufacturing held, services contracted, and stimulus still hasn't closed the demand gap
The day in view

🇨🇳 China's PMIs split in April: manufacturing held, services contracted, and stimulus still hasn't closed the demand gap

Macro Soup Newsroom Macro Soup Newsroom 2 min read

Manufacturing PMI fell to 50.3 in April from 50.4; services slipped into contraction. The 145% US tariff wall is landing on a domestic demand gap that stimulus hasn't closed, and the pre-tariff order cushion that propped up the headline won't last into Q2.

PBOC liquidity operations chart
Chart depicting PBOC's ¥414.1 billion liquidity injection this week (as of May 2, 2026). Source

Read next

Featured Post The week in view

📰 Weekly Macro Roundup: 2026-05-30

3 min read
Paid Post The week in view

🇨🇳 China's industrial profits are at a 30-month high. Retail sales are at a 40-month low.

4 min read

Become a Member

Daily and weekly briefings on global markets, for self-directed investors who want to be informed, not doomscrolled.

Sign up now

Daily macro and markets briefings for self-directed investors. Global coverage, no doomscrolling.

© 2026 Macro Soup - Macro Soup is an independent publisher of financial news and research. The information provided in this website (the "Content") is general, impersonal, and for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice, nor a recommendation, offer, or solicitation to buy, sell, or hold any security or investment. Macro Soup has no regard for any recipient's specific investment objectives, financial situation, or needs. Investing involves substantial risks, including possible loss of principal, and past performance is not indicative of future results. You should consult your own advisors before making investment decisions and should double check all Content before you rely on it. Please review the full Disclaimer.