China RatingDog Services PMI

China’s RatingDog Services PMI is a survey-based diffusion index of activity in private-sector services. It is not official GDP or a direct measure of services output. Purchasing managers report changes in business activity, new business, employment, input costs and selling prices; the 50 mark generally separates expansion from contraction in the survey. The headline should be read with sub-indices and the change from the prior month, especially new business, employment and prices. Services data can reflect domestic demand, travel, property-related activity, export-linked services and confidence. Compare it with the manufacturing PMI, official surveys and hard data such as retail sales. A surprise can influence perceptions of China’s growth momentum and risk appetite, but one survey does not determine policy or CNY direction.