In July, the RatingDog China Services PMI recorded 50.4, remaining in the expansion zone for the 43rd consecutive month.

In July, the RatingDog China Services PMI recorded 50.4, a significant drop of 3.7 percentage points from June. This marks the 43rd consecutive month of expansion, but the pace of expansion is the slowest since January 2024. Overall, the expansion of the service sector slowed noticeably in July, but resilient new export business, ongoing job growth, and alleviating cost pressures provided positive support. The RatingDog Composite PMI Output Index in July recorded 50.8, down 2.8 percentage points from June, marking the 14th consecutive month of expansion, though the pace has clearly slowed. The decline in this month's index was primarily driven by a sharp slowdown in service sector output growth, while the expansion rate in manufacturing output also slowed. Composite employment has maintained expansion for the third consecutive month, and inflation in input prices has further eased. It is expected that the service sector and overall economic activity will remain in the expansion zone, but the growth rate may tend to moderate.