The RatingDog China General Services PMI inched down slightly to 52.9 in September 2025 from 53.0 in the previous month, but remained above market expectations of 52.3. The reading stayed close to August’s 15-month high, supported by a faster rise in exports, driven by rising tourism activity. However, the rate of increase slowed for the first time in three months, though it remained solid overall. Employment declined at the fastest pace since April 2024 amid cost concerns. On the price front, input cost inflation accelerated due to higher wages and greater raw material prices. As a result, selling prices rose following a decline in August. However, the rates of both input cost and output price inflation were only marginal. Lastly, business sentiment strengthened to a six-month high amid hopes that stronger market conditions and business expansion plans will support sales and activity growth in the year ahead.
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