Markets Actual Q4/26 Q1/27 Q2/27 Q3/27
Stock Market (points) 3813.79 3729 3631 3543 3456
Currency 6.69 6.68 6.67 6.65 6.64
Government Bond 10Y (%) 1.70 1.69 1.67 1.66 1.65

Overview Actual Q4/26 Q1/27 Q2/27 Q3/27
GDP Growth Rate (%) 0.90 0.9 0.9 1 0.8
GDP Annual Growth Rate (%) 4.30 4.6 4.9 4.8 5
Unemployment Rate (%) 5.30 5 5.1 5.2 5
Inflation Rate (%) 0.80 1.2 0.8 1 1.1
Inflation Rate MoM (%) 0.40 0.3 -0.2 0.3 0.3
Interest Rate (%) 3.00 3 2.85 2.85 2.85
Balance of Trade (USD Billion) 119.09 91 54.5 75 100
Current Account (USD Hundred Million) 1937.00 2200 2580 1150 1220
Business Confidence (points) 50.10 50.9 51.8 50.7 50.4
Non Manufacturing PMI (points) 50.20 51 51.8 50.5 50.8
Services PMI (points) 51.60 52 52.8 51.4 52
Manufacturing PMI (points) 52.10 51 50.5 51.2 51
Consumer Confidence (points) 89.20 88 89 93 91
Retail Sales MoM (%) -0.13 0.3 0.2 0.2 0.5
Current Account to GDP (% of GDP) 3.70 3.7
Government Debt to GDP (% of GDP) 99.20 92
Government Budget (% of GDP) -6.50 -5.2

GDP Actual Q4/26 Q1/27 Q2/27 Q3/27
GDP Growth Rate (%) 0.90 0.9 0.9 1 0.8
GDP Annual Growth Rate (%) 4.30 4.6 4.9 4.8 5
GDP from Manufacturing (CNY Hundred Million) 250472.90 436000 121826 262496 262997
GDP from Services (CNY Hundred Million) 207592.00 846088 216217 217556 217972
GDP Constant Prices (CNY Hundred Million) 686971.40 1407592 352200 719946 721320
GDP from Transport (CNY Hundred Million) 31329.70 64948 15355 32834 32896
GDP from Construction (CNY Hundred Million) 36042.90 90401 14300 37773 37845
GDP from Agriculture (CNY Hundred Million) 19581.00 97641 12526 20521 20560
GDP (USD Billion) 19498.04 20414
Gross National Product (CNY Hundred Million) 1393700.00 1457810
Gross Fixed Capital Formation (CNY Hundred Million) 530436.70 554837
GDP per Capita (USD) 13793.21 14441
GDP per Capita PPP (USD) 25066.52 26245
Full Year GDP Growth (%) 5.00 4.7

Labour Actual Q4/26 Q1/27 Q2/27 Q3/27
Unemployment Rate (%) 5.30 5 5.1 5.2 5
Youth Unemployment Rate (%) 18.90 16.4 16.8 16.7 16.9
Employed Persons (Tens of Thousands ) 72504.00 72200
Wages (CNY/Year) 129441.00 132000
Wages in Manufacturing (CNY/Year) 113594.00 115000
Minimum Wages (CNY/Month) 2740.00 2740
Population (Million) 1405.00 1403

Prices Actual Q4/26 Q1/27 Q2/27 Q3/27
Inflation Rate (%) 0.80 1.2 0.8 1 1.1
Inflation Rate MoM (%) 0.40 0.3 -0.2 0.3 0.3
Consumer Price Index CPI (points) 100.90 101 101 101 102
Core Inflation Rate (%) 1.00 0.8 0.9 1.1 1
Producer Prices (points) 103.10 104 105 105 105
Producer Prices Change (%) 3.80 2.8 2 1.9 1.7
Export Prices (points) 111.60 103 98 101 102
Import Prices (points) 120.80 104 92 100 98
Food Inflation (%) -1.40 0.3 1 1.3 1
Rent Inflation (%) -0.60 -0.1 -0.1 -0.1 -0.3
GDP Deflator (points) 104.20 105

Money Actual Q4/26 Q1/27 Q2/27 Q3/27
Interest Rate (%) 3.00 3 2.85 2.85 2.85
Interbank Rate (%) 1.43 1.43 1.28 1.28 1.28
Money Supply M2 (CNY Billion) 356808.36 360100 367900 371200 374000
Central Bank Balance Sheet (CNY Hundred Million) 498567.28 505500 515000 520000 521000
Foreign Exchange Reserves (USD Million) 3400251.00 3405000 3455000 3430000 3450000
Banks Balance Sheet (CNY Hundred Million) 4936948.06 5050000 5100000 512000 519000
Loans to Private Sector (CNY Hundred Million) 822435.57 850853 855697 856217 862000
Loan Growth (%) 4.90 5.1 5.5 6 5.7
New Bank Loans (CNY Billion) 60.00 550 2200 1580 2000
Total Social Financing (CNY Hundred Million) 16600.00 32400 49000 40000 45000
Loan Prime Rate 5Y (%) 3.50 3.5 3.35 3.35 3.35
Fixed Asset Investment (%) -7.20 -5 3.2 1.7 2
Reverse Repo Rate (%) 1.40 1.3 1.3 1.4 1.4

Trade Actual Q4/26 Q1/27 Q2/27 Q3/27
Balance of Trade (USD Billion) 119.09 91 54.5 75 100
Current Account (USD Hundred Million) 1937.00 2200 2580 1150 1220
Imports (USD Billion) 282.36 264 300 295 310
Exports (USD Billion) 401.44 355 354 370 410
Terms of Trade (points) 92.40 99.04 107 100 104
Crude Oil Production (BBL/D/1K) 4421.00 4315 4295 4400 4300
Current Account to GDP (% of GDP) 3.70 3.7

Government Actual Q4/26 Q1/27 Q2/27 Q3/27
Fiscal Expenditure (CNY Hundred Million) 18562.00 39000 28900 28100 28500
Government Debt to GDP (% of GDP) 99.20 92
Government Budget (% of GDP) -6.50 -5.2

Business Actual Q4/26 Q1/27 Q2/27 Q3/27
Business Confidence (points) 50.10 50.9 51.8 50.7 50.4
Non Manufacturing PMI (points) 50.20 51 51.8 50.5 50.8
Services PMI (points) 51.60 52 52.8 51.4 52
Manufacturing PMI (points) 52.10 51 50.5 51.2 51
Industrial Production (%) 5.20 4.1 4.4 4 4.9
Industrial Production Mom (%) 0.54 0.7 0.5 0.3 0.5
Manufacturing Production (%) 6.10 4.9 5 3.8 6
New Orders (points) 50.50 50.2 50.9 51.1 51.7
Car Production (Units) 2684000.00 2780000 2680000 2720000 2700000
Total Vehicle Sales (Units) 2712000.00 3100000 2900000 2850000 2860000
Car Registrations (Units) 1541000.00 1950000 1900000 2100000 1850000
NBS General PMI (points) 50.70 50.7 51 52 51
Corporate Profits (CNY Million) 5271980.00 7700000 1560000 3750000 6200000
Steel Production (Thousand Tonnes) 74600.00 81100 80000 75000 77500
Electricity Production (Gigawatt-hour) 943800.00 860000 867000 856000 900000
Mining Production (%) -1.40 4 4.2 4.8 4.1
Cement Production (Ten Thousands of Tonnes) 12908.00 14200 15000 15500 15400
Capacity Utilization (%) 73.00 74 75 74.3 74.8
Composite PMI (points) 52.10 50.4 51.6 51 52
Changes in Inventories (CNY Hundred Million) 15366.10 15050

Consumer Actual Q4/26 Q1/27 Q2/27 Q3/27
Consumer Confidence (points) 89.20 88 89 93 91
Retail Sales MoM (%) -0.13 0.3 0.2 0.2 0.5
Retail Sales YoY (%) 0.40 1.3 3.7 4 3
Bank Lending Rate (%) 4.35 4.35 4.2 4.2 4.2
Gasoline Prices (USD/Liter) 1.21 1.26 1.32 1.38 1.44
Consumer Spending (CNY Hundred Million) 561234.70 587051
Disposable Personal Income (CNY) 56502.00 59101

Housing Actual Q4/26 Q1/27 Q2/27 Q3/27
Housing Index (Percent) -3.00 -2.7 -2 1 1.2
Construction PMI (points) 50.30 49.8 50 50.2 51
Housing Starts (Tens of Thousands Square Metre) 29894.06 59000 12600 27700 30000
New Home Sales (CNY Hundred Million) 41776.01 79000 16100 35000 51500