Markets Actual Q3/25 Q4/25 Q1/26 Q2/26
Stock Market (points) 3819.81 3779 3745 3711 3679
Currency 7.13 7.14 7.15 7.17 7.18
Government Bond 10Y (%) 1.78 1.76 1.75 1.74 1.74

Overview Actual Q3/25 Q4/25 Q1/26 Q2/26
GDP Growth Rate (%) 1.10 1 0.9 0.8 1
GDP Annual Growth Rate (%) 5.20 5.4 4.9 4.9 5
Unemployment Rate (%) 5.20 5.2 5.3 5.2 5.1
Inflation Rate (%) 0.00 0 0.4 0.5 0.3
Inflation Rate MoM (%) 0.40 0 0 0 0.2
Interest Rate (%) 3.00 3 2.85 2.85 2.85
Balance of Trade (USD Billion) 102.33 88 115 127 100
Current Account (USD Hundred Million) 1351.00 840 1100 910 860
Services PMI (points) 53.00 53.3 52 51.4 51.5
Business Confidence (points) 49.40 49.9 51.1 51.2 50.4
Non Manufacturing PMI (points) 50.30 50.7 51.3 50.9 51.2
Manufacturing PMI (points) 50.50 50.8 50.6 50.4 50.8
Consumer Confidence (points) 87.90 88 86.5 86 87
Retail Sales MoM (%) -0.14 0.1 0.3 0.4 0.1
Current Account to GDP (% of GDP) 2.20 1.7
Government Debt to GDP (% of GDP) 88.30 88
Government Budget (% of GDP) -6.50 -9

GDP Actual Q3/25 Q4/25 Q1/26 Q2/26
GDP Growth Rate (%) 1.10 1 0.9 0.8 1
GDP Annual Growth Rate (%) 5.20 5.4 4.9 4.9 5
GDP Constant Prices (CNY Hundred Million) 630101.00 973699 1345155 321636 661606
GDP from Services (CNY Hundred Million) 390313.80 591823 803096 204704 409829
GDP from Construction (CNY Hundred Million) 38210.60 64929 94357 15137 40121
GDP from Transport (CNY Hundred Million) 29512.80 46383 62135 14573 30988
GDP from Agriculture (CNY Hundred Million) 31171.80 60461 95893 12287 32730
GDP from Manufacturing (CNY Hundred Million) 202550.30 313230 425309 103163 212678
GDP (USD Billion) 18743.80 19681
Gross National Product (CNY Hundred Million) 1339672.00 1405316
Gross Fixed Capital Formation (CNY Hundred Million) 537875.60 564232
GDP per Capita (USD) 13121.68 13778
GDP per Capita PPP (USD) 23845.62 25038
Full Year GDP Growth (%) 5.00 5

Labour Actual Q3/25 Q4/25 Q1/26 Q2/26
Unemployment Rate (%) 5.20 5.2 5.3 5.2 5.1
Youth Unemployment Rate (%) 17.80 16.2 16.5 16.3 16.7
Employed Persons (Tens of Thousands ) 73439.00 75000
Wages (CNY/Year) 124110.00 125000
Minimum Wages (CNY/Month) 2690.00 2690
Wages in Manufacturing (CNY/Year) 107987.00 99000
Population (Million) 1408.00 1410
Retirement Age Women (Years) 50.33 50.5
Retirement Age Men (Years) 60.33 60.5

Prices Actual Q3/25 Q4/25 Q1/26 Q2/26
Inflation Rate (%) 0.00 0 0.4 0.5 0.3
Inflation Rate MoM (%) 0.40 0 0 0 0.2
Consumer Price Index CPI (points) 103.30 104 103 104 103
Core Inflation Rate (%) 0.80 0.3 0.1 0.2 0.1
Core Consumer Prices (points) 100.80 100 100 101 101
Producer Prices (points) 103.30 103 104 105 104
Producer Prices Change (%) -3.60 -2.8 -1.9 0 0.4
Export Prices (points) 98.00 97.6 98 99 99
Import Prices (points) 98.30 98.8 99.3 100 100
Food Inflation (%) -1.60 -0.5 -0.8 1 0.8
Rent Inflation (%) -0.10 -0.4 -0.2 -0.2 -0.3
GDP Deflator (points) 105.20 106

Money Actual Q3/25 Q4/25 Q1/26 Q2/26
Interest Rate (%) 3.00 3 2.85 2.85 2.85
Interbank Rate (%) 1.55 1.55 1.4 1.4 1.4
Money Supply M2 (CNY Billion) 329940.00 338000 349800 350050 355050
Foreign Exchange Reserves (USD Million) 3322000.00 3310000 3335000 3335950 3400000
Banks Balance Sheet (CNY Hundred Million) 4620859.33 4650000 4750000 4740000 4790000
Central Bank Balance Sheet (CNY Hundred Million) 459493.86 470500 469000 472000 475000
Loans to Private Sector (CNY Hundred Million) 835104.95 864730 868884 879830 881998
Loan Growth (%) 6.90 7.2 8 7.9 8.2
Total Social Financing (CNY Hundred Million) 11600.00 38500 30600 59100 38900
Loan Prime Rate 5Y (%) 3.50 3.5 3.35 3.35 3.35
New Bank Loans (CNY Billion) -50.00 1750 1200 3250 2500
1 Year MLF Rate (%) 2.00 1.75 1.75 1.75 2
Reverse Repo Rate (%) 1.40 1.4 1.3 1.3 1.3
Fixed Asset Investment (%) 1.60 1.7 2 1.6 2

Trade Actual Q3/25 Q4/25 Q1/26 Q2/26
Balance of Trade (USD Billion) 102.33 88 115 127 100
Current Account (USD Hundred Million) 1351.00 840 1100 910 860
Imports (USD Billion) 219.48 236 245 213 230
Exports (USD Billion) 321.81 324 360 340 330
Terms of Trade (points) 99.70 98.79 98.69 98.51 99
Crude Oil Production (BBL/D/1K) 4310.00 4610 4590 4500 4460
Current Account to GDP (% of GDP) 2.20 1.7

Government Actual Q3/25 Q4/25 Q1/26 Q2/26
Fiscal Expenditure (CNY Hundred Million) 19466.00 37000 30000 29500 34500
Government Debt to GDP (% of GDP) 88.30 88
Government Budget (% of GDP) -6.50 -9

Business Actual Q3/25 Q4/25 Q1/26 Q2/26
Services PMI (points) 53.00 53.3 52 51.4 51.5
Business Confidence (points) 49.40 49.9 51.1 51.2 50.4
Non Manufacturing PMI (points) 50.30 50.7 51.3 50.9 51.2
Manufacturing PMI (points) 50.50 50.8 50.6 50.4 50.8
Industrial Production (%) 5.70 5.6 4.9 5.4 5
Industrial Production Mom (%) 0.38 0.5 0.6 0.2 0.4
Manufacturing Production (%) 6.20 4 3.8 3.6 4
New Orders (points) 49.50 50 50.4 51 50.9
Car Registrations (Units) 1826000.00 2300000 2630000 2690000 2630000
Car Production (Units) 2591000.00 2680000 2760000 2650000 2700000
Total Vehicle Sales (Units) 2593000.00 2910000 3400000 2950000 29750000
NBS General PMI (points) 50.50 50.8 51 51.3 51.1
Corporate Profits (CNY Million) 4020350.00 5500000 7000000 1500000 3700000
Electricity Production (Gigawatt-hour) 926720.00 831000 850000 853400 845000
Mining Production (%) 5.00 4 3.8 4 3.2
Composite PMI (points) 51.90 52 51 51.3 50.9
Steel Production (Thousand Tonnes) 79700.00 82000 76100 78900 77000
Cement Production (Ten Thousands of Tonnes) 14557.30 17050 16900 16200 16450
Capacity Utilization (%) 74.00 76.8 77 78.3 76
Changes in Inventories (CNY Hundred Million) 10002.90 9750

Consumer Actual Q3/25 Q4/25 Q1/26 Q2/26
Consumer Confidence (points) 87.90 88 86.5 86 87
Retail Sales MoM (%) -0.14 0.1 0.3 0.4 0.1
Retail Sales YoY (%) 3.70 6.2 5.8 3.5 4.7
Bank Lending Rate (%) 4.35 4.35 4.2 4.2 4.2
Gasoline Prices (USD/Liter) 0.85 0.86 0.86 0.87 0.88
Consumer Spending (CNY Hundred Million) 538646.10 565040
Disposable Personal Income (CNY) 54188.00 56843

Housing Actual Q3/25 Q4/25 Q1/26 Q2/26
Housing Index (Percent) -2.80 -2.5 -2.1 -1.5 -1
Housing Starts (Tens of Thousands Square Metre) 35206.14 50000 70000 14900 36000
Construction PMI (points) 49.10 52.5 51 50.4 50.7
New Home Sales (CNY Hundred Million) 43593.00 75000 93000 19000 41000



Get Started