China's manufacturing sector sees sharpest decline in September since July 2023

Thanks to weakening demand, reduced new orders, and subdued market conditions.

China manufacturing activity slipped into contraction in September, with the manufacturing PMI falling to 49.3, according to the latest Caixin survey.

This marks a drop from 50.4 in August, dipping below the 50.0 threshold that separates growth from contraction, signaling a deterioration in the sector after a brief rebound.

Although the decline was marginal, it was the sharpest since July 2023. New orders for Chinese manufacturing goods, including export orders, fell at the fastest pace since September 2022, driven by weakening demand, increased competition, and sluggish market conditions.

Export demand also softened due to challenging economic conditions abroad. Firms producing investment goods experienced the steepest drop in new orders.

Meanwhile, the services PMI dipped to 50.3 in September, down from 51.6 in August. While new business inflows in the services sector grew for the 21st consecutive month, the rate of expansion slowed to its weakest in nearly a year, despite support from new product launches.

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