Markets Actual Q2/23 Q3/23 Q4/23 Q1/24
Currency 7.13 7.2 7.29 7.38 7.47
Stock Market (points) 3195.34 3157 3086 3016 2948
Government Bond 10Y (%) 2.71 2.74 2.77 2.79 2.81

Overview Actual Q2/23 Q3/23 Q4/23 Q1/24
GDP Growth Rate (%) 2.20 1.5 1.2 1.1 0.9
GDP Annual Growth Rate (%) 4.50 6.5 4.6 5.2 5
Unemployment Rate (%) 5.20 5.4 5.4 5.5 5.4
Inflation Rate (%) 0.10 0.5 1.2 2.9 2.3
Inflation Rate MoM (%) -0.10 0.5 0.2 0.3 0.5
Interest Rate (%) 3.65 3.65 3.55 3.45 3.45
Cash Reserve Ratio (%) 10.75 10.75 10.5 10.25 10
Balance of Trade (USD Billion) 90.21 89 84 76 39
Current Account (USD HML) 820.00 850 1200 900 830
Business Confidence (points) 48.80 51 52 55 56
Manufacturing PMI (points) 50.90 50.4 53 52.5 51
Non Manufacturing PMI (%) 54.50 53 52 51.3 52
Services PMI (points) 57.10 56.5 52.6 51.5 52
Consumer Confidence (points) 94.90 95 100 118 115
Retail Sales MoM (%) 0.49 0.7 0.3 0.6 0.7
Current Account to GDP (% of GDP) 2.20 1.2
Government Debt to GDP (% of GDP) 76.90 84
Government Budget (% of GDP) -7.40 -7

GDP Actual Q2/23 Q3/23 Q4/23 Q1/24
GDP Growth Rate (%) 2.20 1.5 1.2 1.1 0.9
GDP Annual Growth Rate (%) 4.50 6.5 4.6 5.2 5
Gross Fixed Capital Formation (CNY HML) 507957.50 534371
GDP Constant Prices (CNY HML) 268991.80 561213 854023 1190921 282441
GDP from Agriculture (CNY HML) 11575.00 31061 57372 92939 12154
GDP from Construction (CNY HML) 13574.00 37232 59641 87719 14253
GDP from Manufacturing (CNY HML) 94823.00 207414 308360 422530 99564
GDP from Services (CNY HML) 165475.00 327319 490874 671910 173749
GDP from Transport (CNY HML) 12092.00 24867 38579 52257 12697
GDP (USD Billion) 17734.06 20000
Gross National Product (CNY HML) 1197215.00 1259470
GDP per Capita (USD) 11188.30 12000
GDP per Capita PPP (USD) 17602.70 18350
Full Year GDP Growth (%) 3.00 5.5

Labour Actual Q2/23 Q3/23 Q4/23 Q1/24
Unemployment Rate (%) 5.20 5.4 5.4 5.5 5.4
Employed Persons (Tens of Thousands ) 73351.00 74100
Wages (CNY/Year) 106837.00 115100
Wages in Manufacturing (CNY/Year) 97528.00 105600
Minimum Wages (CNY/Month) 2590.00 2650
Population (Million) 1411.75 1411

Prices Actual Q2/23 Q3/23 Q4/23 Q1/24
Inflation Rate (%) 0.10 0.5 1.2 2.9 2.3
Inflation Rate MoM (%) -0.10 0.5 0.2 0.3 0.5
Consumer Price Index CPI (points) 103.00 103 105 106 106
Core Consumer Prices (points) 100.70 102 102 102 102
Core Inflation Rate (%) 0.70 0.9 1.2 1 1.1
Producer Prices (points) 110.10 113 113 113 112
Producer Prices Change (%) -3.60 -1.4 1 1.8 0.9
Export Prices (points) 105.32 110 109 108 108
Import Prices (points) 95.02 100 108 105 103
Food Inflation (%) 0.40 0.2 1.5 2.3 2.9
GDP Deflator (points) 722.52 743

Money Actual Q2/23 Q3/23 Q4/23 Q1/24
Interest Rate (%) 3.65 3.65 3.55 3.45 3.45
Cash Reserve Ratio (%) 10.75 10.75 10.5 10.25 10
Interbank Rate (%) 2.71 2.71 2.61 2.51 2.51
Money Supply M2 (CNY Billion) 280850.00 278000 285000 314000 310000
Foreign Exchange Reserves (USD Million) 3204766.00 3100000 3200000 3200000 3190000
Central Bank Balance Sheet (CNY HML) 412654.20 420000 422000 435000 429000
Banks Balance Sheet (CNY Billion) 718.80 2700 2100 3000 2000
Loans to Private Sector (CNY HML) 12200.00 50000 60000 68000 49000
Loan Growth (%) 11.80 12 12.7 11.8 11
1 Year MLF Rate (%) 2.75 2.75 2.75 2.75 2.75
Loan Prime Rate 5Y (%) 4.30 4.3 4.2 4.1 4.1
Reverse Repo Rate (%) 2.00 2.1 2.2 2.2 2.2
Fixed Asset Investment (%) 4.70 4.3 5.1 5 5.2

Trade Actual Q2/23 Q3/23 Q4/23 Q1/24
Balance of Trade (USD Billion) 90.21 89 84 76 39
Current Account (USD HML) 820.00 850 1200 900 830
Imports (USD Billion) 205.21 223 235 242 256
Exports (USD Billion) 295.42 312 319 318 295
Terms of Trade (points) 110.85 110 101 103 105
Foreign Direct Investment (USD HML) 722.60 1390 1700 2100 710
Crude Oil Production (BBL/D/1K) 4295.00 4210 4300 4320 4290
Current Account to GDP (% of GDP) 2.20 1.2

Government Actual Q2/23 Q3/23 Q4/23 Q1/24
Government Revenues (CNY HML) 20830.00 20000 19000 19000 170000
Fiscal Expenditure (CNY HML) 18503.00 32000 27000 36000 29000
Government Debt to GDP (% of GDP) 76.90 84
Government Budget (% of GDP) -7.40 -7
Government Spending (CNY HML) 245673.00 29000

Business Actual Q2/23 Q3/23 Q4/23 Q1/24
Business Confidence (points) 48.80 51 52 55 56
Manufacturing PMI (points) 50.90 50.4 53 52.5 51
Non Manufacturing PMI (%) 54.50 53 52 51.3 52
Services PMI (points) 57.10 56.5 52.6 51.5 52
Industrial Production (%) 5.60 4.4 5 4.1 4.3
Industrial Production Mom (%) -0.47 0.8 1.1 0.9 0.4
Manufacturing Production (%) 6.50 4.5 5 4.8 5
Total Vehicle Sales (Units) 2157510.00 2150000 2290000 2410000 249000
Car Production (Units) 1778000.00 2000000 2200000 2300000 2100000
Car Registrations (Units) 1811000.00 2000000 2130000 2230000 2490000
NBS General PMI (points) 52.90 52 52 54 53
Mining Production (%) 0.00 4 4.1 5 4.5
Electricity Production (Gigawatt-hour) 658350.00 710000 720000 760000 710000
Corporate Profits (CNY Million) 2032880.00 4100000 5800000 9000000 1900000
Capacity Utilization (%) 74.30 75.5 78 78.1 77.9
Composite PMI (points) 55.60 53 53.2 52.2 51.1

Consumer Actual Q2/23 Q3/23 Q4/23 Q1/24
Consumer Confidence (points) 94.90 95 100 118 115
Retail Sales MoM (%) 0.49 0.7 0.3 0.6 0.7
Retail Sales YoY (%) 18.40 5 4.8 5 3.4
Consumer Spending (CNY HML) 447910.20 471202
Bank Lending Rate (%) 4.35 4.35 4.25 4.15 4.15
Gasoline Prices (USD/Liter) 0.92 0.95 0.98 1.01 1.04
Consumer Credit (CNY HML) 553276.02 583973 578396 582141 583825
Disposable Personal Income (CNY) 49283.00 51846

Housing Actual Q2/23 Q3/23 Q4/23 Q1/24
Housing Index (Percent) -0.20 0.5 2 3.5 2.8
New Home Sales (CNY HML) 36020.00 52000 75000 80000 80000