China Services Growth Slows on Declining Foreign Demand, Caixin PMI Shows
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China’s services sector expansion lost momentum in June as foreign demand declined at the fastest pace since December 2022, according to a Caixin-sponsored survey published Thursday.
The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, came in at 50.6 in June, down 0.5 points from the previous month.
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- China’s Caixin services PMI fell to 50.6 in June 2025, down 0.5 points, indicating slower expansion, with foreign demand declining at the fastest rate since December 2022.
- The official services PMI also dipped to 50.1; supply, demand, and employment grew more slowly, while sales prices dropped for the fifth month.
- The Caixin composite PMI rose to 51.3, but employment continued to shrink and business sentiment weakened amid domestic and global uncertainties.
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Who’s Who
- Caixin Insight Group
- Caixin Insight Group is an organization that sponsors economic surveys, including the Caixin China General Services Business Activity Index and the Caixin China General Composite PMI. These indexes provide independent snapshots of China's economic activity, such as manufacturing and services. Wang Zhe, a senior economist at Caixin Insight Group, offers analysis on the survey findings and broader economic conditions in China.
- S&P Global
- S&P Global will no longer be sponsored by Caixin for the China Purchasing Managers' Index™ (China PMI®) starting July 2025. The upcoming July 2025 release will be the last one under Caixin's sponsorship.
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What Happened When
- April 2022：
- Service sector prices declined at the quickest pace since this month, as noted in June 2025.
- December 2022：
- Foreign demand for China's services sector last declined at a similarly fast pace before June 2025.
- April 2023：
- Composite sales prices fell at the quickest pace since this month, as reported for June 2025.
- First quarter 2025：
- The services sector accounted for about 61% of China’s GDP, according to government data.
- May 2025：
- The Caixin China General Services Business Activity Index was 0.5 points higher than June 2025.
- May 2025：
- The official services PMI was 0.1 points higher than June 2025.
- May 2025：
- Brief expansion in the services-sector job market occurred, preceding a marginal contraction in June 2025.
- May 2025：
- Input costs for service providers grew at a quicker pace than in June 2025.
- May 2025：
- Caixin China General Composite PMI was 1.7 points lower than in June 2025.
- May 2025：
- Composite employment shrank at a slightly slower pace than in June 2025.
- June 2025：
- Caixin China General Services Business Activity Index stood at 50.6, indicating slowing expansion.
- June 2025：
- Foreign demand for services declined at the fastest pace since December 2022.
- June 2025：
- Gauge for new export orders hit a 30-month low.
- June 2025：
- Services-sector job market saw a marginal contraction, ending May's brief expansion.
- June 2025：
- Backlogs of work for service companies reached the highest level in a year.
- June 2025：
- Input costs for service providers grew, but more slowly than in May 2025.
- June 2025：
- Prices charged by businesses declined for the fifth straight month and at the quickest pace since April 2022.
- June 2025：
- Caixin China General Composite PMI reached 51.3, up 1.7 points from May 2025.
- June 2025：
- Composite employment continued to shrink, at a slightly faster pace than May 2025.
- June 2025：
- Sales prices fell at the quickest pace since April 2023.
- June 2025：
- Indicator for future output expectations remained below the historical average.
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