China NBS General PMI
Published:
China NBS General PMI is a broad survey indicator of overall business output across manufacturing and non-manufacturing activity. Readings above 50 generally suggest overall expansion, while readings below 50 suggest contraction.
Full explanation
The official NBS terminology is the Composite PMI Output Index, which combines information from the manufacturing and non-manufacturing PMI systems. It is designed to reflect changes in current output across the wider economy, rather than only factories or services.
Why traders watch it
Traders watch it as a quick summary of China’s overall business cycle. It can influence views on CNY, regional risk appetite, commodity demand and expectations for macro policy support.
Stronger vs weaker outcomes
A stronger-than-expected reading may suggest broader output momentum, while a weaker reading may suggest a loss of momentum across the economy. Traders often compare it with the separate manufacturing and non-manufacturing PMIs to identify the source of the move.
Typical volatility
The event label 'General PMI' is a market-calendar label rather than the clearest official English name, so it should be mapped carefully to the NBS composite output measure. As a diffusion index, it indicates breadth of change rather than exact GDP growth.
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