China sees rapid growth in service sector in July

China saw rapid growth in its service sector, with modern services showing good momentum of growth in July, an official from the National Bureau of Statistics (NBS) said on Friday.

Addressing a press briefing held by the State Council Information Office in Beijing, Fu Linghui, the NBS spokesman, briefed the media on China's national economic performance in July.

"In July, the Index of Services Production grew by 5.8 percent year on year. Specifically, that of information transmission, software and information technology services, finance, and leasing and business services grew by 11.9 percent, 8.7 percent and 8.0 percent year on year, respectively," said Fu.

"In this month, the Business Activity Index for Services was 50.0 percent, and the Business Activity Expectation Index for Services was 56.6 percent. Specifically, the Business Activity Index for railway transportation, air transportation, and post, as well as culture, sports and recreation stayed within the relatively high expansion range of 60.0 percent and above," Fu added.

China's outstanding aggregate social financing -- the total amount of financing to the real economy -- reached 442.12 trillion yuan (about 63.4 trillion U.S. dollars) as of the end of 2025, up 8.3 percent year on year, central bank data showed on Thursday.

The country's aggregate social financing stood at 35.6 trillion yuan (about 5.1 trillion U.S. dollars) in 2025, up by 3.34 trillion yuan (about 479 billion U.S. dollars) from the year 2024, said the People's Bank of China (PBOC), the country's central bank.

According to the data, the M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.5 percent year on year to 340.29 trillion yuan (about 48.8 trillion U.S. dollars) as of the end of December.

In addition, outstanding yuan loans stood at 271.91 trillion yuan (about 39 trillion U.S. dollars) at the end of 2025, up 6.4 percent year on year.