Markets Actual Q1/26 Q2/26 Q3/26 Q4/26
Stock Market (points) 4123.09 4014 3890 3805 3722
Currency 6.92 6.92 6.89 6.88 6.86
Government Bond 10Y (%) 1.80 1.79 1.75 1.73 1.7

Overview Actual Q1/26 Q2/26 Q3/26 Q4/26
GDP Growth Rate (%) 1.20 0.8 1 0.7 0.8
GDP Annual Growth Rate (%) 4.50 4.6 4.7 5.2 4.6
Unemployment Rate (%) 5.10 5.2 5.1 5 4.9
Inflation Rate (%) 0.80 0.5 0.3 0.4 0.5
Inflation Rate MoM (%) 0.20 0.2 0.3 0.1 0.2
Interest Rate (%) 3.00 3 2.85 2.85 2.85
Balance of Trade (USD Billion) 114.14 105 110 125 111
Current Account (USD Hundred Million) 1987.00 1050 960 875 1000
Business Confidence (points) 49.30 51.2 50.4 50.5 50.9
Non Manufacturing PMI (points) 49.40 50.9 51.2 51 52
Manufacturing PMI (points) 50.30 50.4 50.8 50.5 51
Services PMI (points) 52.30 51.4 51.5 51.5 52.5
Consumer Confidence (points) 90.30 89 87 88 86.5
Retail Sales MoM (%) -0.12 0.4 0.1 0.2 0.3
Current Account to GDP (% of GDP) 2.20 2.7
Government Debt to GDP (% of GDP) 88.30 90
Government Budget (% of GDP) -6.50 -4

GDP Actual Q1/26 Q2/26 Q3/26 Q4/26
GDP Growth Rate (%) 1.20 0.8 1 0.7 0.8
GDP Annual Growth Rate (%) 4.50 4.6 4.7 5.2 4.6
GDP from Services (CNY Hundred Million) 808879.30 204166 408711 623764 846088
GDP from Manufacturing (CNY Hundred Million) 416826.00 102617 211599 321251 436000
GDP Constant Prices (CNY Hundred Million) 1345690.20 320673 659641 1021750 1407592
GDP from Transport (CNY Hundred Million) 62092.10 14491 30792 48514 64948
GDP from Construction (CNY Hundred Million) 86425.10 14911 39523 63068 90401
GDP from Agriculture (CNY Hundred Million) 93346.80 12269 32703 61213 97641
GDP (USD Billion) 18743.80 19625
Gross National Product (CNY Hundred Million) 1339672.00 1401297
Gross Fixed Capital Formation (CNY Hundred Million) 537875.60 562618
GDP per Capita (USD) 13121.68 13738
GDP per Capita PPP (USD) 23845.62 24966
Full Year GDP Growth (%) 5.00 4.7

Labour Actual Q1/26 Q2/26 Q3/26 Q4/26
Unemployment Rate (%) 5.10 5.2 5.1 5 4.9
Youth Unemployment Rate (%) 16.50 17.3 17.7 17 17
Employed Persons (Tens of Thousands ) 73439.00 72200
Wages (CNY/Year) 124110.00 129000
Minimum Wages (CNY/Month) 2740.00 2690
Wages in Manufacturing (CNY/Year) 107987.00 115000
Population (Million) 1405.00 1405
Retirement Age Women (Years) 50.33 51
Retirement Age Men (Years) 60.33 61

Prices Actual Q1/26 Q2/26 Q3/26 Q4/26
Inflation Rate (%) 0.80 0.5 0.3 0.4 0.5
Inflation Rate MoM (%) 0.20 0.2 0.3 0.1 0.2
Consumer Price Index CPI (points) 103.70 104 103 104 104
Core Inflation Rate (%) 1.20 1.5 1 0.8 0.3
Core Consumer Prices (points) 101.20 102 102 102 102
Producer Prices (points) 103.60 104 103 104 104
Producer Prices Change (%) -1.90 -1 -0.4 0.3 0.8
Export Prices (points) 96.40 99 99 100 100
Import Prices (points) 102.00 100 100 101 104
Food Inflation (%) 1.10 1 0.8 0.9 1.3
Rent Inflation (%) -0.30 -0.2 -0.3 -0.1 -0.1
GDP Deflator (points) 105.20 106

Money Actual Q1/26 Q2/26 Q3/26 Q4/26
Interest Rate (%) 3.00 3 2.85 2.85 2.85
Interbank Rate (%) 1.58 1.58 1.43 1.43 1.43
Money Supply M2 (CNY Billion) 340294.81 340050 345050 346000 350100
Central Bank Balance Sheet (CNY Hundred Million) 481591.34 472000 475000 475500 480000
Foreign Exchange Reserves (USD Million) 3399000.00 3355950 3500000 3570000 3575000
Banks Balance Sheet (CNY Hundred Million) 4736385.67 4740000 4790000 4810000 4950000
Loans to Private Sector (CNY Hundred Million) 832714.26 842153 838638 842097 850853
Loan Growth (%) 6.40 6.1 6.4 6.8 7
New Bank Loans (CNY Billion) 910.00 2250 2000 1830 1250
Total Social Financing (CNY Hundred Million) 22100.00 49100 38900 36500 32400
Loan Prime Rate 5Y (%) 3.50 3.5 3.35 3.35 3.35
Reverse Repo Rate (%) 1.40 1.4 1.3 1.3 1.3
Fixed Asset Investment (%) -3.80 0.5 1.3 2 3

Trade Actual Q1/26 Q2/26 Q3/26 Q4/26
Balance of Trade (USD Billion) 114.14 105 110 125 111
Current Account (USD Hundred Million) 1987.00 1050 960 875 1000
Imports (USD Billion) 243.64 215 220 215 224
Exports (USD Billion) 357.78 320 330 340 335
Terms of Trade (points) 94.50 98.51 99 99.01 96.15
Crude Oil Production (BBL/D/1K) 4240.00 4500 4460 4400 4390
Current Account to GDP (% of GDP) 2.20 2.7

Government Actual Q1/26 Q2/26 Q3/26 Q4/26
Fiscal Expenditure (CNY Hundred Million) 38857.00 29500 34500 37500 34000
Government Debt to GDP (% of GDP) 88.30 90
Government Budget (% of GDP) -6.50 -4

Business Actual Q1/26 Q2/26 Q3/26 Q4/26
Business Confidence (points) 49.30 51.2 50.4 50.5 50.9
Non Manufacturing PMI (points) 49.40 50.9 51.2 51 52
Manufacturing PMI (points) 50.30 50.4 50.8 50.5 51
Services PMI (points) 52.30 51.4 51.5 51.5 52.5
Industrial Production (%) 5.20 5.4 5 4.8 4.1
Industrial Production Mom (%) 0.49 0.2 0.4 0.3 0.7
Manufacturing Production (%) 5.70 4.6 5.4 5 4.9
New Orders (points) 49.20 51 50.9 51 50.2
Car Registrations (Units) 2261000.00 2690000 2630000 2420000 2650000
Car Production (Units) 2879000.00 2650000 2700000 2730000 2780000
Total Vehicle Sales (Units) 3272000.00 2950000 2975000 2875000 3500000
NBS General PMI (points) 49.80 51.3 51.1 51 50.7
Corporate Profits (CNY Million) 7398200.00 1500000 3700000 5700000 7700000
Electricity Production (Gigawatt-hour) 858620.00 853400 845000 840000 860000
Mining Production (%) 5.40 5 4.2 4.8 4
Steel Production (Thousand Tonnes) 68200.00 78900 77000 79000 81100
Cement Production (Ten Thousands of Tonnes) 14416.40 15500 15450 15900 16200
Capacity Utilization (%) 74.90 78.3 76 75 76
Composite PMI (points) 51.60 51.3 50.9 52 50.4
Changes in Inventories (CNY Hundred Million) 10002.90 15050

Consumer Actual Q1/26 Q2/26 Q3/26 Q4/26
Consumer Confidence (points) 90.30 89 87 88 86.5
Retail Sales MoM (%) -0.12 0.4 0.1 0.2 0.3
Retail Sales YoY (%) 0.90 3.5 4.7 3.4 3
Bank Lending Rate (%) 4.35 4.35 4.2 4.2 4.2
Gasoline Prices (USD/Liter) 0.82 0.83 0.86 0.88 0.91
Consumer Spending (CNY Hundred Million) 538646.10 563424
Disposable Personal Income (CNY) 54188.00 56681

Housing Actual Q1/26 Q2/26 Q3/26 Q4/26
Housing Index (Percent) -2.70 -1.5 -1 -0.5 -0.3
Housing Starts (Tens of Thousands Square Metre) 58769.96 14900 28000 32000 65000
Construction PMI (points) 48.80 50.4 50.7 50.5 49.8
New Home Sales (CNY Hundred Million) 73335.32 16000 36000 56500 81000