May 2026 RatingDog China services PMI rose to 54.4 from 52.6 in April, up 1.8 pts and marking the 41st consecutive month in expansion; the pace of expansion was the fastest in three months. New business accelerated to a three-month high, led by domestic demand; new export orders returned to expansion after two months of contraction. Firms’ 12-month activity expectations were the strongest since February. Input-cost inflation climbed to a near 19-month high but remained below the long-run trend;

May 2026 RatingDog China services PMI rose to 54.4 from 52.6 in April, up 1.8 pts and marking the 41st consecutive month in expansion; the pace of expansion was the fastest in three months. New business accelerated to a three-month high, led by domestic demand; new export orders returned to expansion after two months of contraction. Firms’ 12-month activity expectations were the strongest since February. Input-cost inflation climbed to a near 19-month high but remained below the long-run trend; providers largely absorbed higher costs and selling prices stayed broadly stable. Employment returned to expansion after three months of modest decline. Overall, May saw stronger services-sector expansion with gains in new orders, exports, employment and business confidence, while controllable cost pressure and stable pricing support continued domestic demand recovery.