China services growth eases to three-month low in October
By Michele Maatouk
Date: Wednesday 05 Nov 2025
(Sharecast News) - Growth in China's services sector eased in October, according to a survey released on Wednesday.
The RatingDog China General Services purchasing managers' index, compiled by S&P Global, dipped to 52.6 from 52.9 in September, marking the lowest rate of growth in three months.
A reading above 50.0 indicates growth, while a reading below signals contraction.
RatingDog founder Yao Yu said: "In terms of sub-components, demand for services remained in expansion in October, though performance diverged. Specifically, affected by increased instability in the global trade environment, new export business fell noticeably into contractionary territory. The domestic market saw some improvement in demand, and total new orders remained in expansion, with the pace of growth quickening. Future business activity expectations remained at a high level, though the overall level of confidence weakened slightly in October. Employment remained in contraction, but the pace of reduction slowed. An improvement in efficiency led to a contraction in backlogs of work for the first time in seven months.
"When it comes to price indicators, input prices rose for the eighth consecutive month, with the reading marking the highest level since October 2024. Output prices fell back into contractionary territory this month. This volatility was due to diverging pricing strategies among firms: some raised prices to pass on cost pressures, while others offered discounts to secure sales. Profit margins in the services sector remained under pressure.
"Overall, demand in the services sector remained in expansion in October. Although complex trade conditions inhibited export business, a solid improvement in domestic demand continued to drive the expansion of new orders. The sustained contraction in employment and pressure on profit margins remain the main constraints facing the sector."
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