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China economic forecast.

Economic data 2024

Economic Indicators Glossary

Our comprehensive glossary is designed to help you understand what each economic indicator means, how it’s calculated, and what it reveals about the economy. With our glossary, you’ll gain a deeper understanding of the economic landscape and be able to make more informed decisions.

See the glossary

 

Markets Actual Q3/24 Q4/24 Q1/25 Q2/25
Stock Market (points) 2971.29 2927 2861 2797 2734
Currency 7.27 7.34 7.39 7.44 7.48
Government Bond 10Y (%) 2.26 2.21 2.19 2.17 2.14
Overview Actual Q3/24 Q4/24 Q1/25 Q2/25
GDP Growth Rate (%) 1.60 0.7 0.7 0.6 0.6
GDP Annual Growth Rate (%) 5.30 5 4.8 4.7 4.6
Unemployment Rate (%) 5.00 5.4 5.5 5.8 5.7
Inflation Rate (%) 0.20 0.4 0.4 0.3 0.6
Inflation Rate MoM (%) -0.20 0.2 0.2 0.1 0.2
Interest Rate (%) 3.45 3.3 3.15 3.15 3.15
Cash Reserve Ratio (%) 10.00 9.5 9.5 9.5 9.5
Balance of Trade (USD Billion) 99.05 82 114 99 114
Current Account (USD Hundred Million) 392.00 740 900 890 1000
Services PMI (points) 51.20 51.7 51 51.7 51.4
Manufacturing PMI (points) 51.80 51 50.1 51 51.3
Business Confidence (points) 49.50 50 51 51.3 52.3
Non Manufacturing PMI (%) 50.50 50.4 52.5 52 51.9
Consumer Confidence (points) 88.20 87.8 86 86.3 87
Retail Sales MoM (%) 0.51 0.6 0.3 0.5 0.3
Current Account to GDP (% of GDP) 1.50 1.4
Government Debt to GDP (% of GDP) 77.10 81
Government Budget (% of GDP) -5.80 -4
GDP Actual Q3/24 Q4/24 Q1/25 Q2/25
GDP Growth Rate (%) 1.60 0.7 0.7 0.6 0.6
GDP Annual Growth Rate (%) 5.30 5 4.8 4.7 4.6
GDP Constant Prices (CNY Hundred Million) 1191037.30 902006 1248207 1247016 1245825
GDP from Manufacturing (CNY Hundred Million) 399103.10 306301 418260 417861 417462
GDP from Services (CNY Hundred Million) 688238.40 532850 721274 720586 719897
GDP from Transport (CNY Hundred Million) 57819.80 45280 60595 60537 60480
GDP from Construction (CNY Hundred Million) 85691.10 61641 89804 89719 89633
GDP from Agriculture (CNY Hundred Million) 89755.20 59147 94063 93974 93884
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 Q3/24 Q4/24 Q1/25 Q2/25
Unemployment Rate (%) 5.00 5.4 5.5 5.8 5.7
Youth Unemployment Rate (%) 14.20 15.5 15.6 15.4 15.3
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
Prices Actual Q3/24 Q4/24 Q1/25 Q2/25
Inflation Rate (%) 0.20 0.4 0.4 0.3 0.6
Inflation Rate MoM (%) -0.20 0.2 0.2 0.1 0.2
Consumer Price Index CPI (points) 102.70 104 103 103 103
Core Inflation Rate (%) 0.60 0.7 0.8 0.8 1.1
Core Consumer Prices (points) 100.60 102 101 101 102
Producer Prices (points) 107.30 110 110 109 109
Producer Prices Change (%) -0.80 0.9 1.5 1.7 1.9
Export Prices (points) 96.80 99 100 104 106
Import Prices (points) 102.70 105 104 106 109
Food Inflation (%) -2.10 0.7 1 1.3 1.6
Rent Inflation (%) -0.10 -0.3 -0.4 -0.6 -0.7
GDP Deflator (points) 736.70
Money Actual Q3/24 Q4/24 Q1/25 Q2/25
Interest Rate (%) 3.45 3.3 3.15 3.15 3.15
Cash Reserve Ratio (%) 10.00 9.5 9.5 9.5 9.5
Interbank Rate (%) 1.90 1.75 1.6 1.6 1.6
Money Supply M2 (CNY Billion) 301850.67 302050 303950 3039000 304500
Foreign Exchange Reserves (USD Million) 3222358.00 3320000 3200000 3301000 3290000
Banks Balance Sheet (CNY Billion) 2130.00 1900 1350 1900 2450
Central Bank Balance Sheet (CNY Hundred Million) 429537.58 455000 465000 465000 462500
Loans to Private Sector (CNY Hundred Million) 33000.00 50000 20000 48100 45400
Loan Growth (%) 8.10 8.7 8.4 8.3 8
1 Year MLF Rate (%) 2.50 2.3 2.3 2 2
Loan Prime Rate 5Y (%) 3.95 3.8 3.65 3.65 3.65
Fixed Asset Investment (%) 4.00 3.4 3.1 3.1 3.4
Reverse Repo Rate (%) 1.80 1.5 1.4 1.4 1.3
Trade Actual Q3/24 Q4/24 Q1/25 Q2/25
Balance of Trade (USD Billion) 99.05 82 114 99 114
Current Account (USD Hundred Million) 392.00 740 900 890 1000
Imports (USD Billion) 208.81 228 231 236 235
Exports (USD Billion) 307.85 310 345 335 349
Terms of Trade (points) 89.89 94.29 96.15 98.11 97.25
Foreign Direct Investment (USD Hundred Million) 497.30 590 850 650 800
Crude Oil Production (BBL/D/1K) 4325.00 4230 4210 4200 4220
Current Account to GDP (% of GDP) 1.50 1.4
Government Actual Q3/24 Q4/24 Q1/25 Q2/25
Fiscal Expenditure (CNY Hundred Million) 18876.00 28000 38000 25000 32000
Government Debt to GDP (% of GDP) 77.10 81
Government Budget (% of GDP) -5.80 -4
Business Actual Q3/24 Q4/24 Q1/25 Q2/25
Services PMI (points) 51.20 51.7 51 51.7 51.4
Manufacturing PMI (points) 51.80 51 50.1 51 51.3
Business Confidence (points) 49.50 50 51 51.3 52.3
Non Manufacturing PMI (%) 50.50 50.4 52.5 52 51.9
Industrial Production (%) 5.60 4.5 4.3 4.1 4.3
Industrial Production Mom (%) 0.30 0.6 0.4 0.7 0.8
Manufacturing Production (%) 6.00 5.6 4.9 4.6 4.5
New Orders (points) 49.60 50 49 48 49
Car Production (Units) 2051000.00 2600000 2650000 2680000 2720000
Car Registrations (Units) 2075000.00 2530000 2540000 2580000 2610000
Total Vehicle Sales (Units) 2552000.00 2680000 2480000 2790000 2720000
NBS General PMI (points) 50.50 49.7 49.5 50.2 50.2
Corporate Profits (CNY Million) 2754380.00 5800000 8500000 1600000 4000000
Mining Production (%) 3.60 2.9 3.6 3.8 3.7
Electricity Production (Gigawatt-hour) 717850.00 815000 860000 810000 832000
Cement Production (Ten Thousands of Tonnes) 17952.70 14800 15200 16900 17500
Steel Production (Thousand Tonnes) 92900.00 88000 79400 80900 91000
Composite PMI (points) 52.80 52.5 52 50.4 50.2
Capacity Utilization (%) 73.60 73.9 72.9 73 73.4
Changes in Inventories (CNY Hundred Million) 9327.40
Consumer Actual Q3/24 Q4/24 Q1/25 Q2/25
Consumer Confidence (points) 88.20 87.8 86 86.3 87
Retail Sales MoM (%) 0.51 0.6 0.3 0.5 0.3
Retail Sales YoY (%) 3.70 2.9 3.8 4 4.2
Bank Lending Rate (%) 4.35 4.2 4.05 4.05 4.05
Gasoline Prices (USD/Liter) 0.92 0.92 0.94 0.96 0.98
Consumer Credit (CNY Hundred Million) 559605.97 587771 588321 585907 585348
Consumer Spending (CNY Hundred Million) 493247.20 516923
Disposable Personal Income (CNY) 51821.00 54308
Housing Actual Q3/24 Q4/24 Q1/25 Q2/25
Housing Index (Percent) -3.90 -3 -1.4 0.5 0.5
Housing Starts (Tens of Thousands Square Metre) 30089.53 68230 86820 86820 86820
New Home Sales (CNY Hundred Million) 31163.00 67000 62000 59000 59000

Last updated: July, 2024

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