CN RatingDog Services PMI Edges Down to 52 in December 2025, While Composite PMI Rises Slightly to 51.3

Service Activity Index: In December 2025, the RatingDog China General Services Business Activity Index slightly decreased to 52, indicating continued expansion in services activity, albeit at the slowest rate in six months.

Composite Output Index: The Composite Output Index rose to 51.3, marking seven consecutive months of expansion, despite new orders and business activity growing at their slowest rates since June 2025.

Employment Trends: Companies continued to reduce staffing levels for the fifth month in a row, leading to a slight backlog of work, while intense market competition resulted in a decline in output prices despite rising input costs.

Business Confidence: Business confidence for the upcoming year improved to a nine-month high, although it remains below the long-term average of the survey's history.