Caixin China Services PMI breakdown

The services sector extended the period of expansion that commenced in January 2023, albeit at a pace that remained below the year-to-date average.

Incoming new business increased at a solid pace in July, supported by sustained improvements in underlying demand conditions and an expansion of service offerings.

Export business also expanded, attributed to rising interest from overseas clients and growth of tourism activity, the rate of export business expansion eased to the slowest in the current 11-month sequence.

Service providers hired additional employees, including temporary staff. The employment subindex was at the fastest in nearly a year.