July China service PMI: New export orders have risen for the first time since April, and the export side has also warmed up simultaneously.
In July, China's service industry PMI continued to expand, with new business growth potentially forming the core support. New business, new export business, and outstanding business recorded 53.3, 51.2, and 50.1 respectively. The growth rate of new business index reached a new high for the year, indicating significantly enhanced expansion momentum. New export orders rebounded for the first time since April, with export end simultaneously warming up. Despite the relatively moderate increase, the July reading of 51.2 has reached a near five-month peak. According to feedback from businesses, stable global trade environment and recovery in the tourism industry are key driving factors.
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