The S&P China General Composite PMI dipped to 50.8 in July 2025 from June’s three-month high of 51.3. While the pace of expansion slowed, it marked the second straight month of private sector growth, largely driven by the services sector as manufacturing output contracted. Export sales declined amid softer external demand, but overall new business rebounded from June, with growth broadly spread across sectors. Employment gains were led by service providers, and business confidence improved slightly. On the price front, input costs rose at the fastest rate in eight months, yet firms continued to lower output prices, suggesting pressure on margins.