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[CN] China's April PMI holds at 50.3, but front-loading and services contraction tell a different story
The day in view

[CN] China's April PMI holds at 50.3, but front-loading and services contraction tell a different story

Macro Soup Newsroom Macro Soup Newsroom 3 min read

China's NBS Manufacturing PMI held at 50.3 in April, beating the 50.1 forecast, but a services sector slide into contraction (49.4) and a tariff front-loading spike in export orders point to fading momentum heading into Q2.

Chart of China's NBS Manufacturing PMI for April 2026
Visualizes China's official manufacturing PMI remaining in expansion at 50.3, beating expectations and highlighting persistent factory activity growth. Source

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