The RatingDog China General Manufacturing PMI climbed to 52.1 in February 2026 from 50.3 in January, the highest since December 2020 and marking a third straight month of growth in factory activity. Output rose the most since June 2024, and new orders increased for a ninth month, with growth the strongest since December 2020. Foreign demand posted its sharpest rise since September 2020. Backlogs of work grew further, and employment edged up for a second month, signaling the first back-to-back increase since mid-2021. Buying activity logged its fastest pace since November 2024, supporting a solid buildup in input stocks as supplier delivery times shortened slightly. On the price front, input cost inflation quickened to its highest level since June 2022, driven in part by higher metal prices, though it remained below the long-run average. Output price inflation, meanwhile, hit a 15-month high. Lastly, confidence hit an 11-month peak on expectations of firmer demand and improved capacity.