Story perspectives

China's PMI Declines, Sparks Concerns Over Economic Growth

2/1/2026

Summary

Story summary

China's official PMI for January fell to 49.3 from 50.1 in December, signaling weaker factory activity.
The new orders and export orders sub-indices also dropped.
China's non-manufacturing PMI declined to 49.4, the lowest reading since December 2022.
Policymakers are concerned and have implemented measures to boost household spending and services consumption.
Analysts doubt these measures will stabilize growth, as the government targets 4.5%–5% GDP for the year.

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Story summary

China's official PMI for January fell to 49.3 from 50.1 in December, signaling weaker factory activity.
The new orders and export orders sub-indices also dropped.
China's non-manufacturing PMI declined to 49.4, the lowest reading since December 2022.
Policymakers are concerned and have implemented measures to boost household spending and services consumption.
Analysts doubt these measures will stabilize growth, as the government targets 4.5%–5% GDP for the year.