Markets Actual Q3 Q4 Q1 Q2 2022
Currency 6.46 6.5 6.52 6.54 6.56 6.61
Stock Market (points) 3397.70 3465 3380 3297 3216 3060
Government Bond 10Y (%) 2.85 2.95 2.98 3.01 3.04 3.1

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.30 1.1 1.3 1.5 1.5 1.1
GDP Annual Growth Rate (%) 7.90 6.3 5.6 5.6 6 5.9
Unemployment Rate (%) 5.00 5.2 5.1 5.1 5.1 5.2
Inflation Rate (%) 1.10 1.8 3.1 3.2 3.1 3.1
Inflation Rate Mom (%) -0.40 0.3 0.5 -0.2 0.3 0.2
Interest Rate (%) 3.85 3.85 3.85 4 4 4.25
Cash Reserve Ratio (%) 12.50 12.5 12.5 12.5 12.5 12.5
Balance of Trade (USD HML) 515.30 390 110 1020 1000 1010
Current Account (USD HML) 751.00 400 340 -250 600 400
Current Account to GDP (% of GDP) 1.90 0.3 0.3 0.9 0.9 0.9
Government Debt to GDP (% of GDP) 66.80 65 65 70 70 70
Government Budget (% of GDP) -3.70 -3.2 -3.2 -3 -3 -3
Business Confidence (points) 50.40 52 52 51.8 51.6 52
Services PMI (points) 50.30 53 52.2 52 51 51.5
Non Manufacturing PMI (%) 53.30 51 53 52.8 52 52.9
Manufacturing PMI (points) 51.30 52 51.7 51.5 51.5 50.7
Consumer Confidence (points) 122.80 124 120 118 119 120
Retail Sales MoM (%) 0.70 0.3 0.3 1.1 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 Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.30 1.1 1.3 1.5 1.5 1.1
GDP Annual Growth Rate (%) 7.90 6.3 5.6 5.6 6 5.9
GDP (USD Billion) 14722.73 14600 14600 15700 15700 15700
Gross National Product (CNY HML) 1009151.00 1050806 1065663 1065663 1069700 1128538
Gross Fixed Capital Formation (CNY HML) 435682.60 448606 460081 460081 461824 487226
GDP per capita (USD) 8405.18 8840 8840 9020 9020 9020
GDP per capita PPP (USD) 16410.80 17700 17700 18210 18210 18210
GDP Constant Prices (CNY HML) 532167.00 765029 1072881 263271 564097 1136181
GDP From Agriculture (CNY HML) 28402.00 51156 82108 11967 30106 86953
GDP From Construction (CNY HML) 33335.00 51387 77083 12690 35335 81631
GDP From Manufacturing (CNY HML) 174606.00 237291 330603 85505 185082 350109
GDP From Services (CNY HML) 296611.00 426528 585000 153495 314408 619514
GDP From Transport (CNY HML) 22704.00 31422 43889 10631 24066 46479

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 5.00 5.2 5.1 5.1 5.1 5.2
Employed Persons (Tens of Thousands ) 78657.00 77820 77820 77820 77820 77820
Unemployed Persons (Tens of Thousands ) 1042.00 1070 1060 1000 1020 1050
Wages (CNY/Year) 97379.00 96500 96500 99100 99100 99100
Wages in Manufacturing (CNY/Year) 82783.00 84100 84100 87600 87600 87600
Minimum Wages (CNY/Month) 2480.00 2540 2540 2650 2650 2650
Population (Million) 1443.50 1465 1465 1495 1495 1495
Retirement Age Women 55.00 50 50 50 50 50
Retirement Age Men 60.00 60 60 60 60 60

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 1.10 1.8 3.1 3.2 3.1 3.1
Inflation Rate Mom (%) -0.40 0.3 0.5 -0.2 0.3 0.2
Consumer Price Index CPI (points) 100.20 114 115 104 103 119
Core Consumer Prices (points) 100.90 103 108 102 101 103
Core Inflation Rate (%) 0.90 0.9 1.4 1.3 1.3 1.4
GDP Deflator (points) 689.46 702 711 712 711 733
Producer Prices (points) 107.40 104 106 106 106 106
Producer Prices Change (%) 8.80 10.2 11.3 4.7 2 2
Export Prices (points) 97.80 104 106 107 107 108
Import Prices (points) 110.40 98 98 100 100 102
Food Inflation (%) -1.70 0.3 0.4 1.9 2.1 3

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 3.85 3.85 3.85 4 4 4.25
Cash Reserve Ratio (%) 12.50 12.5 12.5 12.5 12.5 12.5
Interbank Rate (%) 3.21 3.21 3.21 3.36 3.36 3.36
Money Supply M0 (CNY Billion) 8430.00 8315 8887 9210 9210 9220
Money Supply M1 (CNY Billion) 63750.00 62265 59800 63300 63300 60841
Money Supply M2 (CNY Billion) 231780.00 228000 220250 231000 231000 225000
Central Bank Balance Sheet (CNY HML) 389897.36 390000 390000 350000 340000 370063
Banks Balance Sheet (CNY Billion) 2120.00 1250 1300 1700 1400 1800
Foreign Exchange Reserves (USD Million) 3214000.00 3150000 3190000 3190000 3190000 3200000
Loans to Private Sector (CNY HML) 36700.00 38000 30000 35000 35000 25000
Deposit Interest Rate (%) 0.35 0.35 0.35 0.35 0.35 0.35
Loan Growth (%) 12.30 12.4 13 13.2 13.2 13
Lending Rate (%) 4.35 4.35 4.35 4.35 4.35 4.35
Reverse Repo Rate (%) 2.20 2.2 2.2 2.2 2.2 2.2
Fixed Asset Investment (%) 12.60 4.5 5.3 5.1 5.1 5.3

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (USD HML) 515.30 390 110 1020 1000 1010
Current Account (USD HML) 751.00 400 340 -250 600 400
Current Account to GDP (% of GDP) 1.90 0.3 0.3 0.9 0.9 0.9
Imports (USD HML) 2298.90 2280 2200 2180 2240 2200
Exports (USD HML) 2814.20 2670 3110 3200 3240 3210
External Debt (USD HML) 24007.90 23000 24500 24500 24500 24500
Terms of Trade (points) 88.59 106 108 107 107 106
Foreign Direct Investment (USD HML) 909.60 420 510 970 970 1500
Capital Flows (USD HML) -751.00 220 -150 -240 230 -220
Tourist Arrivals (Tens of Thousands ) 3188.00 2500 2500 3100 3100 3100
Crude Oil Production (BBL/D/1K) 3992.00 3950 3790 3820 3820 3810
Tourism Revenues (CNY Trillion) 6.63 2 2 4.5 4.5 4.5

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 66.80 65 65 70 70 70
Government Budget (% of GDP) -3.70 -3.2 -3.2 -3 -3 -3
Government Budget Value (CNY Billion) -118.50 -610 -720 -720 -720 -450
Government Spending (CNY HML) 238874.00 28500 28500 29100 29100 29100
Government Revenues (CNY HML) 20662.00 12000 14000 17000 17000 15000
Fiscal Expenditure (CNY HML) 28123.00 31000 3200 3000 3000 3200
Military Expenditure (USD Million) 244934.00 300000 300000 300000 300000 300000

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) 50.40 52 52 51.8 51.6 52
Services PMI (points) 50.30 53 52.2 52 51 51.5
Non Manufacturing PMI (%) 53.30 51 53 52.8 52 52.9
Manufacturing PMI (points) 51.30 52 51.7 51.5 51.5 50.7
Industrial Production (%) 8.30 4.4 5 4.5 4.5 5.5
Industrial Production Mom (%) 0.56 0.5 0.5 0.4 0.4 0.3
Manufacturing Production (%) 8.70 5.1 5.4 5.9 5.9 5.4
Changes in Inventories (CNY HML) 6718.00 14445 14445 15000 15000 15000
Total Vehicle Sales (Units) 2020000.00 2580000 2650000 2320000 2210000 2150000
Car Production (Units) 1555000.00 2100000 2500000 2600000 2700000 2800000
Car Registrations 1569000.00 1840000 1900000 1500000 1700000 2400000
Mining Production (%) 0.70 2.2 1.6 1.9 1.9 1.6
Steel Production (Thousand Tonnes) 93900.00 99000 93000 86000 84000 83000
Capacity Utilization (%) 78.40 77.1 76 76.8 76.7 76
Composite PMI (points) 50.60 53 51.6 51.4 51 50.6
Cement Production (Ten Thousands of Tonnes) 22433.00 23800 22000 20100 21500 20000
Electricity Production (Gigawatt-hour) 686000.00 660200 722982 722982 740000 764714
Corporate Profits (CNY Million) 4218330.00 6012000 6950000 4600000 4600000 7150000

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 122.80 124 120 118 119 120
Retail Sales MoM (%) 0.70 0.3 0.3 1.1 0.3 0.5
Retail Sales YoY (%) 12.10 4.2 5.1 3.9 4 4
Consumer Spending (CNY HML) 387176.10 410207 408858 408858 410407 432981
Disposable Personal Income (CNY) 43834.00 45028 46289 46289 46464 49020
Bank Lending Rate (%) 2.95 2.95 2.95 3.1 3.1 3.1
Households Debt To GDP (% of GDP) 61.70 61.5 62 61 61 64
Consumer Credit (CNY HML) 516127.95 504733 515906 530896 542062 546345
Gasoline Prices (USD/Liter) 0.92 0.87 0.83 0.79 0.75 0.71

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Index (%) 4.70 4.6 4.8 5 5 5.3
New Home Sales (CNY HML) 84633.00 115000 160500 160500 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.