The RatingDog China General Services PMI declined to 50.4 in July 2026 from 54.1 in June, falling below market forecasts of 53.7. It was the slowest expansion in services activity since September 2024 as new business growth moderated for the second straight month, easing to a four-month low. However, new export orders rose for the third consecutive month at a relatively strong pace, supported by higher overseas demand. Employment rose for the third consecutive month, marking the longest sequence of job growth since the second half of 2024, while the expansion in backlogs of work extended to nine months, the longest such sequence since 2023.