RatingDog Services PMI in China

S&P Global · Monthly · Importance

50.4 (Jul-26) ABS · index · Monthly · CSV

Period	index
Jul 2026	50.4
Jun 2026	54.1
May 2026	54.4

Period	index
May 2026	1.8
Apr 2026	0.5
Mar 2026	-4.6
Feb 2026	4.4
Jan 2026	0.3
Dec 2025	-0.1
Nov 2025	-0.5
Oct 2025	-0.3
Sep 2025	-0.1
Aug 2025	0.4
Jul 2025	2.0
Jun 2025	-0.5
May 2025	0.4
Apr 2025	-1.2
Mar 2025	0.5
Feb 2025	0.4

Period	index
Jul 2026	-2.2
Jun 2026	3.5
May 2026	3.3
Apr 2026	1.9
Mar 2026	0.2
Feb 2026	5.3
Jan 2026	1.3

About this indicator

Source

S&P Global Market Intelligence / RatingDog

Frequency

Monthly

Release

Third working day of the following month, 09:45 cst (01:45 utc).

What it is

The RatingDog Services PMI (formerly Caixin; Business Activity Index) is a diffusion index based on a survey of purchasing managers in China's services sector. Above 50 signals expansion. It is a private survey, compiled by S&P Global and distinct from the official NBS Non-Manufacturing PMI.

How it's calculated

A diffusion index of business activity in the services sector (the counterpart to the manufacturing output index), seasonally adjusted.

Market implications

Services carry ever more weight in Chinese GDP; together with the manufacturing PMI they form the RatingDog Composite PMI, a leading indicator of private-sector activity and a complement to the official NBS reading.

Limitations

A qualitative survey that reflects the direction of change, not its magnitude. Its sample differs from the NBS survey, so it can diverge from the official reading.