China’s Economic Slowdown Is Spreading

China’s manufacturing PMI fell 1.1 points to 49.2 in July, marking its first contractionary reading since February and one of the weakest levels since 2023.
Non-manufacturing PMI also dropped 1.2 points to 49.0 , its lowest since December 2022, while construction PMI fell to 47.0 , the weakest reading since the 2020 pandemic.
China’s Q2 2026 GDP growth slowed to 4.3% YoY , its weakest expansion since Q4 2022, signaling that the loss of momentum is spreading across manufacturing, services and construction.