China’s services sector kept expanding in June, just not quite as fast as the month before. The RatingDog China General Services PMI, compiled by S&P Global, came in at 54.1 for June, a modest step down from May’s reading of 54.4.
The May reading of 54.4 had been the strongest performance in three months, jumping from 52.6 in April and handily beating market expectations of 52.3. The May data highlighted a few key drivers: robust new orders, a revival in overseas demand, and the highest input cost inflation since October 2024.
Meanwhile, China’s official National Bureau of Statistics reported its own non-manufacturing PMI at 50.2 for June. That’s barely above the expansion threshold, but it’s still above it.
Who is RatingDog, and why should you care
The Shenzhen-based credit research firm took over as the title sponsor of the S&P Global China PMI series in 2025, stepping into a role that gives it significant visibility among global institutional investors. The RatingDog PMI series matters because it operates independently of Chinese government statistics, giving traders and portfolio managers a second data point to cross-reference against the NBS figures.
