Markets Actual Q1/23 Q2/23 Q3/23 Q4/23
Currency 6.76 6.84 6.93 7.01 7.1
Stock Market (points) 3255.67 3168 3075 2984 2896
Government Bond 10Y (%) 2.93 3.01 3.04 3.06 3.09

Overview Actual Q1/23 Q2/23 Q3/23 Q4/23
GDP Growth Rate (%) 0.00 1.6 1 1.2 1.1
GDP Annual Growth Rate (%) 2.90 3.2 5 4.6 4.9
Unemployment Rate (%) 5.50 5.5 5.2 5.1 5.2
Inflation Rate (%) 1.80 2.5 2.8 3.1 2.9
Inflation Rate MoM (%) 0.00 0.4 0.5 0.2 0.3
Interest Rate (%) 3.65 3.6 3.6 3.6 3.6
Cash Reserve Ratio (%) 11.00 11 10.75 10.75 10.75
Balance of Trade (USD Billion) 78.01 39 84 78 76
Current Account (USD HML) 1443.34 500 450 600 900
Government Budget (% of GDP) -3.10 -4.5
Business Confidence (points) 50.10 51.2 53 52 55
Services PMI (points) 48.00 50.8 51.3 52 50.5
Manufacturing PMI (points) 49.00 51 52 53 50.9
Non Manufacturing PMI (%) 54.40 50.9 51 52 51.3
Consumer Confidence (points) 85.50 100 120 115 118
Retail Sales MoM (%) -0.14 0.5 0.4 0.3 0.6
Corporate Tax Rate (%) 25.00 25
Personal Income Tax Rate (%) 45.00 45
Current Account to GDP (% of GDP) 1.80 1.2
Government Debt to GDP (% of GDP) 76.90 84

GDP Actual Q1/23 Q2/23 Q3/23 Q4/23
GDP Growth Rate (%) 0.00 1.6 1 1.2 1.1
GDP Annual Growth Rate (%) 2.90 3.2 5 4.6 4.9
GDP (USD Billion) 17734.06 17300
Gross National Product (CNY HML) 1133239.80 1188769
Gross Fixed Capital Formation (CNY HML) 478901.20 502367
GDP per Capita (USD) 11188.30 12000
GDP per Capita PPP (USD) 17602.70 18350
Full Year GDP Growth (%) 3.00 5
GDP Constant Prices (CNY HML) 813829.50 264524 551457 851266 853707
GDP from Agriculture (CNY HML) 88345.00 11304 30594 57299 92674
GDP from Construction (CNY HML) 83383.00 13446 37354 60694 87469
GDP from Manufacturing (CNY HML) 401644.00 96545 203579 306974 421325
GDP from Services (CNY HML) 638698.00 157935 320111 486704 669994
GDP from Transport (CNY HML) 49674.00 10764 23670 37343 52108

Labour Actual Q1/23 Q2/23 Q3/23 Q4/23
Unemployment Rate (%) 5.50 5.5 5.2 5.1 5.2
Employed Persons (Tens of Thousands ) 74652.00 74100
Unemployed Persons (Tens of Thousands ) 1102.00 1100 1000 1000 980
Wages (CNY/Year) 106837.00 115100
Wages in Manufacturing (CNY/Year) 92459.00 105600
Minimum Wages (CNY/Month) 2590.00 2650
Population (Million) 1411.75 1411
Retirement Age Women (Years) 55.00 55

Prices Actual Q1/23 Q2/23 Q3/23 Q4/23
Inflation Rate (%) 1.80 2.5 2.8 3.1 2.9
Inflation Rate MoM (%) 0.00 0.4 0.5 0.2 0.3
Consumer Price Index CPI (points) 103.30 105 106 107 106
Core Consumer Prices (points) 100.70 102 102 102 103
Core Inflation Rate (%) 0.70 0.9 1.2 1.6 1.8
GDP Deflator (points) 722.52 743
Producer Prices (points) 111.10 111 113 113 113
Producer Prices Change (%) -0.70 -2 -1 1.5 1.8
Export Prices (points) 113.10 111 110 109 108
Food Inflation (%) 4.80 5.5 5.8 6 6.3

Money Actual Q1/23 Q2/23 Q3/23 Q4/23
Interest Rate (%) 3.65 3.6 3.6 3.6 3.6
Cash Reserve Ratio (%) 11.00 11 10.75 10.75 10.75
Money Supply M0 (CNY Billion) 10470.00 9580 10150 10330 10640
Money Supply M1 (CNY Billion) 67170.00 64510 68310 69570 71600
Interbank Rate (%) 2.49 2.44 2.44 2.44 2.44
Foreign Exchange Reserves (USD Million) 3128000.00 3100000 3100000 3200000 3200000
Central Bank Balance Sheet (CNY HML) 416783.78 410000 415000 422000 435000
Banks Balance Sheet (CNY Billion) 1400.00 3200 2700 2100 3000
Loans to Private Sector (CNY HML) 13100.00 45000 50000 60000 68000
Loan Growth (%) 11.10 11.2 11 10.7 10.8
Money Supply M3 (CNY Billion) 264700.00 264490 266760 271700 279600
Loan Prime Rate 5Y (%) 4.30 4.25 4.25 4.25 4.25
Fixed Asset Investment (%) 5.10 5.3 5.4 5.1 5
Reverse Repo Rate (%) 2.00 1.9 1.6 1.6 1.9

Trade Actual Q1/23 Q2/23 Q3/23 Q4/23
Balance of Trade (USD Billion) 78.01 39 84 78 76
Current Account (USD HML) 1443.34 500 450 600 900
Imports (USD Billion) 228.07 245 248 251 242
Exports (USD Billion) 306.08 284 332 329 318
External Debt (USD HML) 27465.60 31500
Capital Flows (USD HML) -1440.00 -250 100 250 300
Foreign Direct Investment (USD HML) 1891.30 650 1390 1700 2100
Crude Oil Production (BBL/D/1K) 4042.00 4110 4210 4300 4320
Current Account to GDP (% of GDP) 1.80 1.2
Tourist Arrivals (Tens of Thousands ) 0.00 1570

Government Actual Q1/23 Q2/23 Q3/23 Q4/23
Government Budget (% of GDP) -3.10 -4.5
Government Spending (CNY HML) 245673.00 29000
Government Revenues (CNY HML) 12121.00 18000 20000 19000 18000
Fiscal Expenditure (CNY HML) 20921.00 28000 32000 36000 38000
Government Debt to GDP (% of GDP) 76.90 84

Taxes Actual Q1/23 Q2/23 Q3/23 Q4/23
Corporate Tax Rate (%) 25.00 25
Personal Income Tax Rate (%) 45.00 45
Social Security Rate (%) 39.02 39.02
Social Security Rate For Companies (%) 28.52 28.52
Social Security Rate For Employees (%) 10.50 10.5
Sales Tax Rate (%) 13.00 13

Business Actual Q1/23 Q2/23 Q3/23 Q4/23
Business Confidence (points) 50.10 51.2 53 52 55
Services PMI (points) 48.00 50.8 51.3 52 50.5
Manufacturing PMI (points) 49.00 51 52 53 50.9
Non Manufacturing PMI (%) 54.40 50.9 51 52 51.3
Industrial Production (%) 1.30 2.7 4.4 5 4.1
Industrial Production Mom (%) 0.06 0.5 0.8 1.1 0.9
Manufacturing Production (%) 0.20 3.3 4.5 5 4.8
Total Vehicle Sales (Units) 2556000.00 2620000 2650000 2590000 2610000
Car Production (Units) 2125000.00 2200000 2300000 2500000 2200000
Car Registrations (Units) 2265000.00 2200000 2200000 2300000 2430000
NBS General PMI (points) 52.90 52.1 52 52 54
Electricity Production (Gigawatt-hour) 757900.00 700000 710000 720000 720000
Composite PMI (points) 48.30 51.5 52 53 51.2
Cement Production (Ten Thousands of Tonnes) 16844.00 19000 20000 21000
Capacity Utilization (%) 75.70 76.3 76.5 78 78.1
Corporate Profits (CNY Million) 8403850.00 1800000 4100000 5800000 9000000
Mining Production (%) 4.90 4.2 4 4.1 5
Changes in Inventories (CNY HML) 10996.00 10000

Consumer Actual Q1/23 Q2/23 Q3/23 Q4/23
Consumer Confidence (points) 85.50 100 120 115 118
Retail Sales MoM (%) -0.14 0.5 0.4 0.3 0.6
Retail Sales YoY (%) -1.80 3.1 2.8 4 3
Consumer Spending (CNY HML) 438849.40 460353
Disposable Personal Income (CNY) 47412.00 49735
Bank Lending Rate (%) 2.75 2.7 2.7 2.7 2.7
Gasoline Prices (USD/Liter) 0.90 0.94 0.98 1.01 1.05
Consumer Credit (CNY HML) 553365.50 562858 575748 578396 580480

Housing Actual Q1/23 Q2/23 Q3/23 Q4/23
Housing Index (Percent) -1.50 -1 1.5 2 3.5
New Home Sales (CNY HML) 116747.00 25000 52000 75000 80000