China Services Activity – June 2026 RatingDog PMI
The private RatingDog services Purchasing Managers' Index (PMI) registered at 54.1 in June 2026, a slight decline from 54.4 in May but comfortably above the market consensus of 53.0. A reading above the 50‑point threshold signals expansion, and the services index has stayed in growth territory since January 2023.
New business activity rose, driven by both domestic orders and international orders, indicating broadened demand across the sector. Notably, services exports accelerated at their fastest pace since October 2024, providing a key source of momentum that helps offset a prolonged slowdown in domestic consumption.
Companies reported higher input costs stemming from supply disruptions linked to the Middle East, prompting many to raise their selling prices for the first time in four months. This price‑adjustment reflects the first pass‑through of cost pressures into consumer pricing within the services arena.
The RatingDog survey presents a markedly more optimistic view of China’s economy than the official PMI released earlier in the week. The divergence arises from differing sample frames: the government‑compiled index focuses on larger, state‑run enterprises, whereas the private RatingDog index surveys smaller, export‑oriented firms.
Exports continue to act as a bright spot, underpinning overall growth despite the lingering weakness in domestic demand.