Markets Actual Q1 Q2 Q3 Q4 2022
Currency 6.49 6.5 6.52 6.55 6.57 6.63
Stock Market (points) 3503.49 3383 3280 3180 3083 2889
Government Bond 10Y (%) 3.27 3.29 3.32 3.35 3.37 3.43

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 2.60 1.6 1 1.1 1.3 1.3
GDP Annual Growth Rate (%) 6.50 6.7 5.1 5.3 5.6 5.9
Unemployment Rate (%) 5.20 5.5 5.4 5.4 5.1 5.2
Inflation Rate (%) -0.30 0.5 1.9 2.2 1.9 1.9
Inflation Rate Mom (%) 1.00 0.5 0.1 0.3 0.3 0.2
Interest Rate (%) 3.85 3.85 3.85 3.85 3.85 3.85
Cash Reserve Ratio (%) 12.50 12.5 12.5 12.5 12.5 12.5
Balance of Trade (USD HML) 781.74 640 500 320 1010 1010
Current Account (USD HML) 1302.00 305 250 400 340 400
Current Account to GDP (%) 1.00 0.3 0.3 0.3 0.3 0.9
Government Debt to GDP (%) 52.60 65 65 65 65 70
Government Budget (% of GDP) -2.80 -4.9 -4.9 -4.9 -4.9 -4.4
Business Confidence (points) 50.60 51.1 51.7 52 52 52
Services PMI (points) 51.50 53 52.9 53 52.2 51.5
Non Manufacturing PMI (%) 51.40 51.9 51.4 51 53 52.9
Manufacturing PMI (points) 50.90 52 53 52 51.7 50.7
Consumer Confidence (points) 122.10 128 124 124 120 120
Retail Sales MoM (%) 1.24 0.8 0.4 0.3 0.3 0.5
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 2.60 1.6 1 1.1 1.3 1.3
GDP Annual Growth Rate (%) 6.50 6.7 5.1 5.3 5.6 5.9
GDP (USD Billion) 14342.90 14600 14600 14600 14600 15700
Gross National Product (CNY HML) 988528.90 1054760 1038944 1040921 1043887 1105476
Gross Fixed Capital Formation (CNY HML) 422018.80 450294 443542 444386 445652 471945
GDP per capita (USD) 8254.30 8840 8840 8840 8840 9020
GDP per capita PPP (USD) 16116.70 17700 17700 17700 17700 18210
GDP From Agriculture (CNY HML) 77754.00 10868 27382 50674 82108 86953
GDP From Construction (CNY HML) 72995.70 10006 29990 51088 77083 81631
GDP From Manufacturing (CNY HML) 313071.10 68973 152441 239043 330603 350109
GDP From Services (CNY HML) 553976.80 130900 270950 421618 585000 619514
GDP From Transport (CNY HML) 41561.70 8392 19459 31383 43889 46479
GDP Constant Prices (CNY HML) 1015986.00 220340 479901 761094 1072881 1136181

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 5.20 5.5 5.4 5.4 5.1 5.2
Employed Persons (Tens of Thousands ) 77471.00 77820 77820 77820 77820 77820
Unemployed Persons (Tens of Thousands ) 1186.00 1000 980 970 960 950
Wages (CNY/Year) 93383.00 96500 96500 96500 96500 99100
Wages in Manufacturing (CNY/Year) 78147.00 84100 84100 84100 84100 87600
Minimum Wages (CNY/Month) 2480.00 2540 2540 2540 2540 2650
Population (Million) 1400.05 1406 1406 1406 1411 1417
Retirement Age Women 50.00 50 50 50 50 50
Retirement Age Men 60.00 60 60 60 60 60

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -0.30 0.5 1.9 2.2 1.9 1.9
Inflation Rate Mom (%) 1.00 0.5 0.1 0.3 0.3 0.2
Consumer Price Index CPI (points) 100.90 113 112 114 114 116
Core Consumer Prices (points) 99.70 106 102 102 108 108
Core Inflation Rate (%) -0.30 1 1.1 0.9 1.4 1.4
GDP Deflator (points) 692.50 696 706 708 706 719
Producer Prices (points) 102.30 104 104 101 106 106
Producer Prices Change (%) 0.30 -0.1 0.3 0.7 1.5 2
Export Prices (points) 99.90 103 103 104 108 108
Import Prices (points) 94.20 96 94 98 100 102
Food Inflation (%) 1.60 -1.2 0.6 1.5 1 3

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 3.85 3.85 3.85 3.85 3.85 3.85
Cash Reserve Ratio (%) 12.50 12.5 12.5 12.5 12.5 12.5
Interbank Rate (%) 3.26 3.28 3.28 3.28 3.28 3.28
Money Supply M0 (CNY Billion) 8960.00 8162 7947 7947 7887 7887
Money Supply M1 (CNY Billion) 62560.00 62265 62265 56818 56818 58841
Money Supply M2 (CNY Billion) 221300.00 214200 214200 218000 220250 220250
Central Bank Balance Sheet (CNY HML) 389131.46 380000 340000 360000 360000 370063
Banks Balance Sheet (CNY Billion) 3580.00 2100 1900 1700 1300 1800
Foreign Exchange Reserves (USD Million) 3210671.00 3200000 3100000 3150000 3190000 3200000
Loans to Private Sector (CNY HML) 51700.00 41000 36000 38000 30000 25000
Deposit Interest Rate (%) 0.35 0.35 0.35 0.35 0.35 0.35
Loan Growth (%) 12.70 13.5 12 12.4 13 13
Lending Rate (%) 4.35 4.35 4.35 4.35 4.35 4.35
Reverse Repo Rate (%) 2.20 2 2 2 2 2
Fixed Asset Investment (%) 2.90 3.2 4.9 4.5 5.3 5.3

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (USD HML) 781.74 640 500 320 1010 1010
Current Account (USD HML) 1302.00 305 250 400 340 400
Current Account to GDP (%) 1.00 0.3 0.3 0.3 0.3 0.9
Imports (USD HML) 2037.54 1700 1750 2150 2100 2200
Exports (USD HML) 2819.28 2340 2250 2470 3110 3210
External Debt (USD HML) 20573.00 23000 23000 23000 24500 24500
Terms of Trade (points) 106.05 94.8 110 107 94.8 94.8
Foreign Direct Investment (USD HML) 134.70 1300 1350 1200 1500 1500
Capital Flows (USD HML) -1302.00 320 450 220 -150 220
Tourist Arrivals (Tens of Thousands ) 3188.00 1500 1500 1500 1500 2500
Crude Oil Production (BBL/D/1K) 3884.00 3920 3840 3950 3790 3810
Tourism Revenues (CNY Trillion) 5.97 2 2 2 2 4.5
Weapons Sales (USD Million) 1040.00 1060 1060 1060 1060 1060

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 52.60 65 65 65 65 70
Government Budget (% of GDP) -2.80 -4.9 -4.9 -4.9 -4.9 -4.4
Government Budget Value (CNY Billion) -664.10 -420 -420 -610 -720 -450
Government Spending (CNY HML) 238874.00 28500 28500 28500 28500 29100
Government Revenues (CNY HML) 13406.00 17000 14000 12000 14000 14000
Fiscal Expenditure (CNY HML) 37742.00 27800 33000 29000 3200 3200
Military Expenditure (USD Million) 239223.00 300000 300000 300000 300000 300000

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 45 45 45 45 45
Sales Tax Rate (%) 13.00 13 13 13 13 13
Social Security Rate (%) 48.00 48 48 48 48 48
Social Security Rate For Companies (%) 37.00 37 37 37 37 37
Social Security Rate For Employees (%) 11.00 11 11 11 11 11

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) 50.60 51.1 51.7 52 52 52
Services PMI (points) 51.50 53 52.9 53 52.2 51.5
Non Manufacturing PMI (%) 51.40 51.9 51.4 51 53 52.9
Manufacturing PMI (points) 50.90 52 53 52 51.7 50.7
Industrial Production (%) 7.30 6.3 5.9 4.4 5 5
Industrial Production Mom (%) 1.10 0.7 1.2 0.5 0.5 0.3
Manufacturing Production (%) 7.70 7.2 5.9 5.1 5.4 5.4
Changes in Inventories (CNY HML) 6609.00 14445 14445 14445 14445 14445
Total Vehicle Sales 2500000.00 2400000 2580000 2580000 2650000 2650000
Car Production (Units) 1909699.00 1930000 1910000 2100000 2500000 2800000
Car Registrations 2044769.00 2450000 2200000 2220000 2300000 2400000
Mining Production (%) 4.90 1.9 1.7 2.2 1.6 1.6
Steel Production (Thousand Tonnes) 90200.00 85000 92000 90000 83000 83000
Capacity Utilization (%) 78.00 76.9 76.5 76.5 76 76
Composite PMI (points) 51.70 53 54 53 51.6 50.6
Cement Production (Ten Thousands of Tonnes) 21333.00 22400 19900 19800 19000 20000
Electricity Production (Gigawatt-hour) 727720.00 651642 651642 660200 722982 764714
Corporate Profits (CNY Million) 6451610.00 4500000 5750000 6012000 6950000 7150000

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) 122.10 128 124 124 120 120
Retail Sales MoM (%) 1.24 0.8 0.4 0.3 0.3 0.5
Retail Sales YoY (%) 4.60 4.9 4.3 4.2 5.1 6
Consumer Spending (CNY HML) 385895.60 411751 405576 406348 407506 431549
Disposable Personal Income (CNY) 42359.00 45197 44519 44604 44731 47370
Bank Lending Rate (%) 2.95 2.95 2.95 2.95 2.95 2.95
Consumer Credit (CNY HML) 496197.08 469882 479953 499985 515906 546345
Gasoline Prices (USD/Liter) 0.71 0.67 0.64 0.61 0.58 0.55
Households Debt To GDP (% of GDP) 59.10 61 62 61.5 62 64

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Index (%) 3.90 5.2 5.7 5.6 5.6 6.5
New Home Sales (CNY HML) 154567.00 19000 65000 115000 160500 165500


This page has economic forecasts for China including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the China economy.