China RatingDog Services PMI

S&P Global released the China RatingDog General Services PMI for September 2026 on September 30, 2026, reporting a reading of 51.6 points, up from 51.4 points in August. The index remained above the 50-point threshold separating expansion from contraction for the fourth consecutive month, reaching its highest level in three months.

In terms of breakdown, new business grew at its quickest pace since June, supported by improving client demand and companies' efforts to expand their customer base. New export orders also rose at a faster rate than in August. Business confidence among service providers strengthened from the previous month, with firms citing expectations of firmer market conditions and new project wins.

On the cost side, input price inflation eased compared with August, while output prices declined for the first time in four months, recording the sharpest drop since April 2022. The RatingDog China General Composite PMI, which covers both manufacturing and services, rose to 52.4 from 52.1 in August.

The RatingDog China General Services PMI, compiled by S&P Global and released on September 1, 2026, rose to 53.0 points in August 2026, up from 52.6 points in July. The reading remained above the 50.0 threshold that separates expansion from contraction, signaling a continued broadening of activity in China's services sector.

According to the press release, the rate of input cost inflation accelerated to its highest level in 2026. Higher oil and fuel prices, increased procurement costs, and rising wages were cited as the main drivers of cost pressure, though overall input cost inflation remained below the long-run survey average. Service providers largely absorbed the rise in costs rather than passing them on to clients.

The RatingDog China General Services PMI fell to 50.4 points in July 2026 from 54.1 in June, according to the survey released by RatingDog and S&P Global on August 4, 2026. The reading marked the weakest level since September 2024, signaling a sharp slowdown in the pace of services sector expansion. The index nonetheless remained above the 50.0 threshold, extending a continuous expansion that has been in place since January 2023.

On the detail side, total new business rose for a 43rd consecutive month, but at its weakest pace since March, weighed down by softer domestic demand. New export business, however, held firm at 52.0 for a third straight month of growth, offering a partial offset. Employment increased for a third consecutive month — the longest hiring streak since the second half of 2024 — while input cost inflation eased to its softest level since January.

At the composite level, the RatingDog China Composite Output Index, which combines manufacturing and services, declined to 50.8 in July from 53.6 in June, its slowest pace of expansion in a year. Business confidence for the year ahead remained positive but softened to its lowest since February 2020, with the trajectory of domestic demand identified as a key factor going forward.

The RatingDog China General Services PMI (formerly the Caixin PMI), compiled by S&P Global, fell to 54.1 in June from 54.4 in May, according to the July 3 release. The index remained above the 50 threshold, extending the expansion in services activity.

Growth in new business slowed from May, though stronger overseas demand supported the overall increase in new work, the compiler reported. Service providers added staff in response to improving demand.

Business confidence about activity over the coming year remained positive, although the degree of optimism softened.