Markets Actual Q4/24 Q1/25 Q2/25 Q3/25
Stock Market (points) 3284.32 3255 3176 3099 3024
Currency 7.10 7.07 7.11 7.16 7.2
Government Bond 10Y (%) 2.16 2.15 2.12 2.09 2.07

Overview Actual Q4/24 Q1/25 Q2/25 Q3/25
GDP Growth Rate (%) 0.70 0.7 0.6 0.6 0.5
GDP Annual Growth Rate (%) 4.70 4.8 4.7 4.6 4.7
Unemployment Rate (%) 5.30 5.3 5.4 5.5 5.5
Inflation Rate (%) 0.40 0.4 0.3 0.6 1
Inflation Rate MoM (%) 0.00 0.2 0.1 0.1 0.2
Interest Rate (%) 3.35 3.15 3.05 3.05 3.05
Cash Reserve Ratio (%) 9.50 9.5 9 9 9
Balance of Trade (USD Billion) 81.71 94 79 107 79
Current Account (USD Hundred Million) 545.00 800 890 550 640
Services PMI (points) 50.30 50.4 50.7 51 51.4
Manufacturing PMI (points) 49.30 50 50.5 51.3 51.3
Business Confidence (points) 49.80 51 51.3 52.3 52.3
Non Manufacturing PMI (%) 50.00 50.3 50.6 50.9 51.7
Consumer Confidence (points) 85.80 86 86.3 86 85.8
Retail Sales MoM (%) -0.01 0.3 0.5 0.3 0.3
Current Account to GDP (% of GDP) 1.50 1.4
Government Debt to GDP (% of GDP) 83.60 81
Government Budget (% of GDP) -5.80 -4

GDP Actual Q4/24 Q1/25 Q2/25 Q3/25
GDP Growth Rate (%) 0.70 0.7 0.6 0.6 0.5
GDP Annual Growth Rate (%) 4.70 4.8 4.7 4.6 4.7
GDP from Services (CNY Hundred Million) 349646.10 721274 183136 365730 366079
GDP Constant Prices (CNY Hundred Million) 583168.10 1248207 296432 609994 610577
GDP from Manufacturing (CNY Hundred Million) 199858.10 418260 100958 209052 209251
GDP from Transport (CNY Hundred Million) 28684.30 60595 14167 30004 30032
GDP from Agriculture (CNY Hundred Million) 30660.00 94063 12081 32070 32101
GDP from Construction (CNY Hundred Million) 37771.10 89804 14635 39509 39546
GDP (USD Billion) 17794.78 18649
Gross National Product (CNY Hundred Million) 1251297.00 1311359
Gross Fixed Capital Formation (CNY Hundred Million) 521112.30 546126
GDP per Capita (USD) 12174.00 12758
GDP per Capita PPP (USD) 22135.43 23198
Full Year GDP Growth (%) 5.20 4.8

Labour Actual Q4/24 Q1/25 Q2/25 Q3/25
Unemployment Rate (%) 5.30 5.3 5.4 5.5 5.5
Youth Unemployment Rate (%) 18.80 20 20.3 20.5 20
Employed Persons (Tens of Thousands ) 74041.00 73800
Wages (CNY/Year) 120698.00 125400
Wages in Manufacturing (CNY/Year) 97528.00 110500
Minimum Wages (CNY/Month) 2590.00 2590
Population (Million) 1409.67 1410
Retirement Age Women (Years) 50.00 50
Retirement Age Men (Years) 60.00 60

Prices Actual Q4/24 Q1/25 Q2/25 Q3/25
Inflation Rate (%) 0.40 0.4 0.3 0.6 1
Inflation Rate MoM (%) 0.00 0.2 0.1 0.1 0.2
Consumer Price Index CPI (points) 103.60 103 103 103 105
Core Inflation Rate (%) 0.10 0.2 0.2 0.3 0.3
Core Consumer Prices (points) 100.10 101 101 101 101
Producer Prices (points) 106.30 108 108 108 108
Producer Prices Change (%) -2.80 -0.5 0.5 1 1.2
Export Prices (points) 93.70 95 97 106 106
Import Prices (points) 101.40 104 106 109 109
Food Inflation (%) 3.30 2.5 2.3 1.6 1.6
Rent Inflation (%) -0.30 -0.4 -0.6 -0.5 -0.5
GDP Deflator (points) 736.70 740

Money Actual Q4/24 Q1/25 Q2/25 Q3/25
Interest Rate (%) 3.35 3.15 3.05 3.05 3.05
Cash Reserve Ratio (%) 9.50 9.5 9 9 9
Interbank Rate (%) 1.84 1.64 1.54 1.54 1.54
Money Supply M2 (CNY Billion) 309479.82 303950 303900 304500 305000
Foreign Exchange Reserves (USD Million) 3316000.00 3200000 3301000 3290000 3290000
Banks Balance Sheet (CNY Billion) 1590.00 1350 1900 2450 2450
Central Bank Balance Sheet (CNY Hundred Million) 438897.54 439000 443000 445500 440500
Loans to Private Sector (CNY Hundred Million) 37600.00 20000 48100 45400 45400
Loan Growth (%) 8.10 8.4 8.3 8 8
Loan Prime Rate 5Y (%) 3.85 3.65 3.55 3.55 3.55
1 Year MLF Rate (%) 2.00 2.3 2 2 2
Reverse Repo Rate (%) 1.50 1.4 1.4 1.3 1.3
Fixed Asset Investment (%) 3.40 3.1 3.1 3.4 3.4

Trade Actual Q4/24 Q1/25 Q2/25 Q3/25
Balance of Trade (USD Billion) 81.71 94 79 107 79
Current Account (USD Hundred Million) 545.00 800 890 550 640
Exports (USD Billion) 303.71 325 315 342 309
Imports (USD Billion) 222.00 231 236 235 230
Terms of Trade (points) 92.40 91.35 91.51 97.25 97.25
Foreign Direct Investment (USD Hundred Million) 580.19 1050 375 450 1000
Crude Oil Production (BBL/D/1K) 4250.00 4110 4200 4220 4220
Current Account to GDP (% of GDP) 1.50 1.4

Government Actual Q4/24 Q1/25 Q2/25 Q3/25
Fiscal Expenditure (CNY Hundred Million) 18435.00 38000 29000 34000 37000
Government Debt to GDP (% of GDP) 83.60 81
Government Budget (% of GDP) -5.80 -4

Business Actual Q4/24 Q1/25 Q2/25 Q3/25
Services PMI (points) 50.30 50.4 50.7 51 51.4
Manufacturing PMI (points) 49.30 50 50.5 51.3 51.3
Business Confidence (points) 49.80 51 51.3 52.3 52.3
Non Manufacturing PMI (%) 50.00 50.3 50.6 50.9 51.7
Industrial Production Mom (%) 0.32 0.4 0.7 0.8 0.5
Industrial Production (%) 4.50 4.3 4.1 4.3 2.6
Manufacturing Production (%) 4.30 4.3 4.3 4.1 4
New Orders (points) 48.90 49 48 49 49
Total Vehicle Sales (Units) 2809000.00 2480000 2790000 2720000 2710000
Car Registrations (Units) 2181000.00 2540000 2580000 2610000 2610000
Car Production (Units) 2221000.00 2650000 2680000 2720000 2720000
NBS General PMI (points) 50.40 50.7 50.2 50.5 50.8
Corporate Profits (CNY Million) 4652730.00 8500000 1800000 4000000 6600000
Mining Production (%) 3.70 3.6 3.8 3.7 3.7
Composite PMI (points) 50.30 50.5 50.4 50.2 50.2
Electricity Production (Gigawatt-hour) 907420.00 860000 810000 832000 831000
Steel Production (Thousand Tonnes) 77900.00 79400 80900 91000 82000
Cement Production (Ten Thousands of Tonnes) 15762.90 15200 16900 17500 17500
Capacity Utilization (%) 74.90 72.9 73 73.4 73.2
Changes in Inventories (CNY Hundred Million) 9327.40 9100

Consumer Actual Q4/24 Q1/25 Q2/25 Q3/25
Consumer Confidence (points) 85.80 86 86.3 86 85.8
Retail Sales MoM (%) -0.01 0.3 0.5 0.3 0.3
Retail Sales YoY (%) 2.10 2.8 2 1.65 2.2
Bank Lending Rate (%) 4.35 4.15 4.05 4.05 4.05
Gasoline Prices (USD/Liter) 0.90 0.91 0.93 0.96 0.98
Consumer Spending (CNY Hundred Million) 493247.20 516923
Disposable Personal Income (CNY) 51821.00 54308

Housing Actual Q4/24 Q1/25 Q2/25 Q3/25
Housing Index (Percent) -5.30 -1.4 0.5 0.5 0.4
Housing Starts (Tens of Thousands Square Metre) 49464.89 96820 20820 35000 68000
New Home Sales (CNY Hundred Million) 52425.00 100000 20000 43000 75000