On November 5, 2025, according to the latest data released by “S&P Global” in conjunction with RatingDog, the Purchasing Managers’ Index (PMI) for the Chinese service sector in October further dropped to 52.6, a decrease of 0.3 percentage points from the previous month, reaching its lowest level in three months.
Interviewed enterprises stated that the growth in sales was supported by new product releases and acquiring new customers, but the improvement in demand was limited to the domestic market, with foreign demand slowing down.
Furthermore, the comprehensive PMI fell to 51.8, down 0.7 percentage points from the previous month, also hitting a three-month low.
Yao Yu, the founder of RatingDog, noted that in terms of sub-indices, demand in the service sector remained in the expansion range in October but with varying performance. Specifically, due to increased instability in the global trade environment, new export business significantly declined, entering a contraction phase. Domestic market demand slightly improved, with total new orders maintaining expansion, although overall confidence levels slightly weakened in October. Continued contraction in employment and pressure on profit margins remain the main constraints facing the industry.
Two days prior, “S&P Global” released data on China’s manufacturing PMI, which recorded 50.6 in October, lower than the market expectation of 50.9 and a decrease from the previous month’s 51.2.
Since July of this year, Caixin officially terminated its sponsorship of the “Standard & Poor’s” China PMI, while RatingDog (Shenzhen) Information Technology Co., Ltd. reached an agreement with S&P Global and gained exclusive naming rights for the “S&P Global China PMI” (formerly Caixin PMI).
Starting in August 2025, the index was renamed “RatingDog China PMI.” The renamed index will continue to be released on the first working day of every month (for manufacturing PMI) and on the third working day of every month (for service PMI).
This index reflects the activity levels of small and medium-sized enterprises as well as export-oriented companies in China.