China service growth slows to new low

China's service sector growth declined in July 2026 to its lowest level since September 2024, with a slowdown in the rate of activity and new business growth despite remaining in expansion territory for the nineteenth consecutive month. The Services Purchasing Managers’ Index (PMI) fell to 50.4 points from 54.1 in June, staying above the contraction threshold but indicating the slowest expansion rate over the past ten months. The slowdown was primarily due to weak domestic demand, which led to a decline in new business growth, although export activity continued to grow driven by demand for trade fairs and summer study programs. Additionally, data showed that business confidence dropped to its lowest point since February 2020, reflecting concerns about economic prospects. Meanwhile, the Composite Output Index fell to 50.8 points, signaling an overall slowdown in the economy amid global and domestic pressures on demand and investment.

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