The official NBS index rises to 50.1, while for the RatingDog-S Global it accelerates to 52.1
Chinese manufacturing returns to expansion in September, but the two main PMI indicators show a recovery of different intensity. The official index of the National Bureau of Statistics (Nbs) rose to 50.1 from 49.8 in August, returning above the threshold of 50 for the first time since June. The RatingDog manufacturing PMI, created in collaboration with S&P Global, instead rose to 52.1 from 51.5, marking the strongest growth pace since April and exceeding expectations of 51.6.
According to the NBS, production accelerated to 51.7 from 50.4, while new orders remained growing, to 50.5 from 50.6.
Employment continued to decline, to 48.4 from 48.7, and foreign orders remained in contraction, to 49.2. However, cost pressures increased, with input prices rising to 60.8, a five-month high. Business confidence remained at a five-month low.
The RatingDog survey instead finds growth supported by both domestic and foreign demand, with foreign sales increasing at the fastest pace in seven months. Manufacturing also posted its strongest increase since April and companies increased employment.
Positive signals also come from services: the official non-manufacturing PMI rose to 50.2 from 49, returning to expansion, with construction at 50.3 from 46.9 and services at 50.2 from 49.3. The corresponding RatingDog index for services rose to 51.6 from 51.4. The official composite index finally went from 49.5 to 50.7, the highest since December 2025.
