China's PMI Data Suggests Domestic Demand Remains Soft
China's latest PMI data indicates that domestic demand continues to be weak despite better-than-expected overall readings. New export orders and imports have returned to expansion territory for the first time since early 2024, signaling some external demand improvement. However, internal consumption and investment remain subdued, highlighting ongoing challenges in reviving the domestic economy.
- ▪China's purchasing managers' index performed better than expected in April 2026.
- ▪New export orders and imports returned to expansion for the first time since early 2024.
- ▪Domestic demand remains soft, indicating persistent weakness in internal economic activity.
- ▪The data suggests a divergence between improving external demand and sluggish domestic conditions.
- ▪Manufacturing activity showed modest improvement but underlying consumer and investment demand remains tepid.
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