The RatingDog China General Services PMI fell to 50.4 in July 2026 from 54.1 in June, coming in below market expectations of 53.7. This marked the weakest expansion in services activity since September 2024, as growth in new business slowed for a second consecutive month, reaching a four-month low. Nonetheless, new export orders increased for the third straight month at a relatively robust pace, underpinned by stronger overseas demand. Employment also rose for the third consecutive month, the longest stretch of job gains since the second half of 2024. At the same time, the rise in backlogs of work extended to nine months, the longest such sequence since 2023.