Markets Actual Q3 Q4 Q1 Q2 2023
Currency 7.16 7.2 7.26 7.32 7.38 7.51
Stock Market (points) 3102.25 3002 2917 2835 2755 2603
Government Bond 10Y (%) 2.70 2.72 2.74 2.76 2.78 2.83

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -2.60 1.3 0.8 1.6 1 1.1
GDP Annual Growth Rate (%) 0.40 0.8 1.5 3.2 5 4.7
Unemployment Rate (%) 5.30 5.5 5.2 5.2 5 5.2
Inflation Rate (%) 2.50 2.4 2.6 2.5 2 2
Inflation Rate MoM (%) -0.10 0.1 0.2 0.4 0.4 0.2
Interest Rate (%) 3.65 3.65 3.45 3.45 3.7 3.75
Cash Reserve Ratio (%) 11.25 11.25 11 11 10.75 11
Balance of Trade (USD Billion) 79.39 75 80 80 50 95
Current Account (USD HML) 802.00 700 1000 500 450 400
Current Account to GDP (% of GDP) 1.80 1.2 1.2 1.2 1.2 0.9
Government Debt to GDP (% of GDP) 66.80 72 70 70 70 75
Government Budget (% of GDP) -3.70 -4.2 -4.2 -4.5 -4.5 -4.5
Business Confidence (points) 49.40 49.8 50 51.2 53 52
Services PMI (points) 55.00 54.8 52.5 51.8 51.3 50.5
Non Manufacturing PMI (%) 52.60 52 51.4 51.9 53 51.3
Manufacturing PMI (points) 49.50 49.8 50.3 51.3 52 51.3
Consumer Confidence (points) 87.90 85 86 100 120 120
Retail Sales MoM (%) -0.05 0.5 0.6 0.6 0.2 0.6
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 2023
GDP Growth Rate (%) -2.60 1.3 0.8 1.6 1 1.1
GDP Annual Growth Rate (%) 0.40 0.8 1.5 3.2 5 4.7
GDP (USD Billion) 17734.06 16700 16700 17300 17300 17300
Gross National Product (CNY HML) 1133518.00 1017224 1150521 1169791 1190194 1204595
Gross Fixed Capital Formation (CNY HML) 478901.20 439168 486085 494226 502846 508931
GDP per Capita (USD) 11188.30 11800 11800 12500 12500 12500
GDP per Capita PPP (USD) 17602.70 18210 18210 18350 18350 18350
Full Year GDP Growth (%) 8.10 2.5 2.5 4.8 4.8 4.8
GDP Constant Prices (CNY HML) 525197.30 796389 1112208 264524 551457 1164482
GDP from Agriculture (CNY HML) 29137.00 52026 84332 11304 30594 88295
GDP from Construction (CNY HML) 35575.00 54559 81341 13446 37354 85164
GDP from Manufacturing (CNY HML) 193885.00 269491 378164 96545 203579 395938
GDP from Services (CNY HML) 304868.00 451145 618825 157935 320111 647910
GDP from Transport (CNY HML) 22543.00 34964 47767 10764 23670 50012

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 5.30 5.5 5.2 5.2 5 5.2
Employed Persons (Tens of Thousands ) 74652.00 74500 74500 74100 74100 74100
Unemployed Persons (Tens of Thousands ) 1102.00 1100 1050 1000 950 980
Wages (CNY/Year) 106837.00 108100 108100 108100 108100 112400
Wages in Manufacturing (CNY/Year) 92459.00 97600 97600 105600 105600 105600
Minimum Wages (CNY/Month) 2590.00 2590 2590 2590 2650 2750
Population (Million) 1412.60 1414 1414 1425 1425 1425
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 2023
Inflation Rate (%) 2.50 2.4 2.6 2.5 2 2
Inflation Rate MoM (%) -0.10 0.1 0.2 0.4 0.4 0.2
Consumer Price Index CPI (points) 103.10 103 104 105 105 106
Core Consumer Prices (points) 100.80 102 102 102 102 103
Core Inflation Rate (%) 0.80 0.8 0.9 0.9 0.5 0.5
GDP Deflator (points) 696.46 713 715 714 710 729
Producer Prices (points) 111.50 114 119 119 119 122
Producer Prices Change (%) 2.30 2.9 6 5.2 4 3
Export Prices (points) 114.35 115 112 109 105 108
Import Prices (points) 115.63 114 112 112 110 102
Food Inflation (%) 6.10 6 6 4.5 3.5 3

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 3.65 3.65 3.45 3.45 3.7 3.75
Cash Reserve Ratio (%) 11.25 11.25 11 11 10.75 11
Interbank Rate (%) 2.66 2.66 2.46 2.46 2.71 2.76
Money Supply M0 (CNY Billion) 9720.00 9780 9720 9620 9600 9000
Money Supply M1 (CNY Billion) 66460.00 66800 67000 66000 64000 60841
Money Supply M2 (CNY Billion) 259510.00 260000 255000 245000 230000 225000
Foreign Exchange Reserves (USD Million) 3055000.00 3020000 3040000 3100000 3100000 3200000
Central Bank Balance Sheet (CNY HML) 384642.28 390000 400000 410000 410000 400000
Banks Balance Sheet (CNY Billion) 1250.00 1320 1300 2500 2000 1200
Loans to Private Sector (CNY HML) 24300.00 28000 32000 25000 25000 25000
Deposit Interest Rate (%) 0.35 0.35 0.35 0.35 0.35 0.35
Loan Growth (%) 10.90 10.5 11 12 11 12
Fixed Asset Investment (%) 5.80 5.2 5.9 5.5 5 3.9
Reverse Repo Rate (%) 2.00 2 1.9 1.9 1.6 1.9

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (USD Billion) 79.39 75 80 80 50 95
Current Account (USD HML) 802.00 700 1000 500 450 400
Current Account to GDP (% of GDP) 1.80 1.2 1.2 1.2 1.2 0.9
Imports (USD Billion) 235.53 225 240 230 250 235
Exports (USD Billion) 314.92 300 320 310 300 330
External Debt (USD HML) 27465.60 29500 29500 31500 31500 31500
Terms of Trade (points) 98.89 101 100 97.32 95.45 106
Capital Flows (USD HML) -802.00 -900 -400 -250 300 250
Foreign Direct Investment (USD HML) 1384.10 1400 1900 550 990 1500
Tourist Arrivals (Tens of Thousands ) 0.00 100 100 100 1200 1570
Crude Oil Production (BBL/D/1K) 4137.00 4290 4110 4110 4210 3810

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 66.80 72 70 70 70 75
Government Budget (% of GDP) -3.70 -4.2 -4.2 -4.5 -4.5 -4.5
Government Spending (CNY HML) 245679.00 27100 27100 29000 29000 29000
Government Revenues (CNY HML) 13062.00 17000 12000 18000 20000 18000
Fiscal Expenditure (CNY HML) 18426.00 26000 35000 28000 32000 38000

Taxes Actual Q3 Q4 Q1 Q2 2023
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 (%) 39.02 39.02 39.02 39.02 39.02 39.02
Social Security Rate For Companies (%) 28.52 28.52 28.52 28.52 28.52 28.52
Social Security Rate For Employees (%) 10.50 10.5 10.5 10.5 10.5 10.5

Business Actual Q3 Q4 Q1 Q2 2023
Business Confidence (points) 49.40 49.8 50 51.2 53 52
Services PMI (points) 55.00 54.8 52.5 51.8 51.3 50.5
Non Manufacturing PMI (%) 52.60 52 51.4 51.9 53 51.3
Manufacturing PMI (points) 49.50 49.8 50.3 51.3 52 51.3
Industrial Production (%) 4.20 4.1 3.8 2.7 4.4 4.1
Industrial Production Mom (%) 0.32 0.2 0.3 0.5 0.3 0.3
Manufacturing Production (%) 3.10 2.6 3.9 4.3 4.5 4.8
Changes in Inventories (CNY HML) 10996.00 15000 12000 12000 12000 10000
Total Vehicle Sales (Units) 2380000.00 2001010 2150000 2150000 2150000 2050000
Car Production (Units) 2157000.00 2000000 2200000 2500000 2300000 2700000
Car Registrations 2125000.00 1850000 2000000 2200000 2200000 2400000
Leading Economic Index (points) 95.03 100 110 110 105 110
NBS General PMI (points) 51.70 52 53 53.1 54 54
Electricity Production (Gigawatt-hour) 824800.00 700000 750000 700000 710000 720000
Composite PMI (points) 53.00 53.1 51.6 51.5 52 50.6
Cement Production (Ten Thousands of Tonnes) 18808.00 18500 18000 19000 20000 20000
Capacity Utilization (%) 75.10 74.8 76 77.3 76.3 77
Corporate Profits (CNY Million) 4892950.00 6030000 7900000 1800000 4500000 9000000
Steel Production (Thousand Tonnes) 83900.00 80000 85000 85000 85000 85000
Mining Production (%) 5.30 6.3 5 4.2 4 5

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) 87.90 85 86 100 120 120
Retail Sales MoM (%) -0.05 0.5 0.6 0.6 0.2 0.6
Retail Sales YoY (%) 5.40 2 4 3.1 5 3
Consumer Spending (CNY HML) 438849.40 390274 445432 452893 460792 466367
Disposable Personal Income (CNY) 47412.00 44185 48123 48929 49783 50385
Gasoline Prices (USD/Liter) 1.00 1.04 1.07 1.12 1.16 1.16
Consumer Credit (CNY HML) 550816.88 532744 549752 562858 575748 575591
Households Debt to GDP (% of GDP) 61.40 70 74 74 74 76

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Index (%) -1.30 -1.5 -2 -1 1.5 3.5
New Home Sales (CNY HML) 75288.00 67000 100500 25000 52000 80000


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. China Forecast - was last updated on Monday, September 26, 2022.