According to CoinMeta, in October, China's service industry growth rate PMI dropped to 50.8, a decrease of 0.8 from September, indicating a more modest expansion pace, which is the slowest in three months. Business activities continued to expand, but the growth rate slowed down. New businesses maintained a relatively fast growth rate, roughly on par with that of September. New export business has been growing for the sixth consecutive month, marking the longest growth cycle since 2024, although the growth rate has also slowed. The increase in input prices accelerated to the highest level in five months, while sales prices were lowered for the second consecutive month. Intense market competition is the main reason for this, and the decline was milder than in September. Overall, the expansion of the service industry continues, but at a slower pace. On the demand side, new businesses are still growing rapidly, and external demand has been improving continuously. The further reduction in selling prices, combined with rising costs, poses a threat to companies' profit margins and requires attention.