National Bureau of Statistics (NBS): September non-manufacturing new orders index 46.5%, up 2.4 ppt MoM, indicating a recovery in market demand though still below the 50 expansion threshold. Construction business activity index rose to 50.3% (MoM +3.4 ppt); services business activity index 50.2% (MoM +0.9 ppt). By services subsector, telecom/broadcast/satellite transmission, monetary and financial services, and insurance are in the >55 high-activity range; capital markets and real estate remain

2026-09-30

National Bureau of Statistics (NBS): September non-manufacturing new orders index 46.5%, up 2.4 ppt MoM, indicating a recovery in market demand though still below the 50 expansion threshold. Construction business activity index rose to 50.3% (MoM +3.4 ppt); services business activity index 50.2% (MoM +0.9 ppt). By services subsector, telecom/broadcast/satellite transmission, monetary and financial services, and insurance are in the >55 high-activity range; capital markets and real estate remain below the 50 cutoff. Construction new orders 45.7% (MoM +3.3 ppt); services new orders 46.7% (MoM +2.2 ppt).