November 2, 2026. China's manufacturing purchasing managers' index compiled by RatingDog and S&P Global came in at 52.0 in October, a touch below September's 52.1, marking 11 straight months of expansion. It beat the 51.6 expected by analysts polled by Reuters, according to Investinglive.
The reading sits well above the official National Bureau of Statistics PMI, which fell to 49.3 on Saturday. The two surveys differ: RatingDog covers around 650 companies with a heavier weight of exporters, while the official survey polls more than 3,000.
October in detail
According to RatingDog's report as cited by Investinglive and China Times:
- Output grew at the fastest pace in six months, led by investment goods.
- New orders rose for a 17th consecutive month.
- Export orders grew for a fourth month, though at the slowest pace in three months, with more business from Asia, Europe and Africa.
- Input buying rose at the fastest pace since February, and input stocks at the quickest in five months.
- Employment rose only marginally.
Prices and lead times
For importers, this is the useful part. Factory selling prices fell for the second time in three months because of strong competition, and export prices fell for the first time in nearly a year, Investinglive reported. Input costs kept rising, mainly metals and fuel, but more slowly than in September.
Supplier delivery times shortened for the first time in eight months, while business confidence slipped to a nine-month low. RatingDog founder Yao Yu said, as quoted by China Times, that confidence remains positive but some firms worry about high costs and tougher competition, and that he expects the PMI to stay in expansion in the near term.
Using the window
Our take: lower export prices and faster deliveries give buyers room to negotiate, but rising raw material costs mean specifications must be locked down so quality does not slip.
- Get quotes from at least three factories through our product sourcing service and compare specifications, not just price.
- Fix materials, finishes and tolerances in writing and approve a sample before mass production.
- Ask for shorter lead times or late-delivery penalties while suppliers report faster turnaround.
- Confirm a lower price did not cost quality with a pre-shipment product inspection.
