RatingDog Services PMI in China

S&P Global · Monthly · Importance

51.6 (Sep-26) ABS · index · Monthly · CSV

Period	index
Sep 2026	51.6
Aug 2026	51.4
Jul 2026	50.4
Jun 2026	54.1
May 2026	54.4

Period	index
Sep 2026	0.2

Period	index
Sep 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.