Markets Actual Q2 Q3 Q4 Q1 2022
Currency 6.45 6.48 6.5 6.53 6.55 6.61
Stock Market (points) 3424.02 3360 3258 3159 3062 2870
Government Bond 10Y (%) 3.14 3.17 3.19 3.22 3.24 3.3

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 0.60 1 1.1 1.3 1.5 1.1
GDP Annual Growth Rate (%) 18.30 5.1 5.3 5.6 5.6 5.9
Unemployment Rate (%) 5.30 5.4 5.4 5.1 5.1 5.2
Inflation Rate (%) 0.90 1.1 1.8 3.1 3.2 3.1
Inflation Rate Mom (%) -0.30 0.9 0.5 0.7 -0.2 0.2
Interest Rate (%) 3.85 3.85 3.85 3.85 4 4.25
Cash Reserve Ratio (%) 12.50 12.5 12.5 12.5 12.5 12.5
Balance of Trade (USD HML) 428.50 500 320 110 1020 1010
Current Account (USD HML) 751.00 250 400 340 -250 400
Current Account to GDP (%) 1.90 0.3 0.3 0.3 0.9 0.9
Government Debt to GDP (%) 66.80 65 65 65 70 70
Government Budget (% of GDP) -3.70 -3.2 -3.2 -3.2 -3 -3
Business Confidence (points) 51.10 51.7 52 52 51.8 52
Services PMI (points) 56.30 52.9 53 52.2 52 51.5
Non Manufacturing PMI (%) 54.90 51.4 51 53 52.8 52.9
Manufacturing PMI (points) 51.90 53 52 51.7 51.5 50.7
Consumer Confidence (points) 127.00 124 124 120 118 120
Retail Sales MoM (%) 1.75 0.4 0.3 0.3 1.1 0.5
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 0.60 1 1.1 1.3 1.5 1.1
GDP Annual Growth Rate (%) 18.30 5.1 5.3 5.6 5.6 5.9
GDP (USD Billion) 14342.90 14600 14600 14600 15700 15700
Gross National Product (CNY HML) 1009151.00 1038944 1040921 1065663 1065663 1128538
Gross Fixed Capital Formation (CNY HML) 422018.80 443542 444386 445652 445652 471945
GDP per capita (USD) 8254.30 8840 8840 8840 9020 9020
GDP per capita PPP (USD) 16116.70 17700 17700 17700 18210 18210
GDP From Agriculture (CNY HML) 11332.00 27382 50674 82108 82108 86953
GDP From Construction (CNY HML) 12017.00 29990 51088 77083 77083 81631
GDP From Manufacturing (CNY HML) 80971.00 152441 239043 330603 330603 350109
GDP From Services (CNY HML) 145355.00 270950 421618 585000 585000 619514
GDP From Transport (CNY HML) 10067.00 19459 31383 43889 43889 46479
GDP Constant Prices (CNY HML) 249310.00 479901 761094 1072881 1072881 1136181

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 5.30 5.4 5.4 5.1 5.1 5.2
Employed Persons (Tens of Thousands ) 78657.00 77820 77820 77820 77820 77820
Unemployed Persons (Tens of Thousands ) 1186.00 980 970 960 960 950
Wages (CNY/Year) 93383.00 96500 96500 96500 99100 99100
Wages in Manufacturing (CNY/Year) 78147.00 84100 84100 84100 87600 87600
Minimum Wages (CNY/Month) 2480.00 2540 2540 2540 2650 2650
Population (Million) 1400.05 1406 1406 1406 1417 1417
Retirement Age Women 55.00 50 50 50 50 50
Retirement Age Men 60.00 60 60 60 60 60

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 0.90 1.1 1.8 3.1 3.2 3.1
Inflation Rate Mom (%) -0.30 0.9 0.5 0.7 -0.2 0.2
Consumer Price Index CPI (points) 100.60 112 114 115 104 119
Core Consumer Prices (points) 100.70 102 103 108 102 103
Core Inflation Rate (%) 0.70 1.1 0.9 1.4 1.3 1.4
GDP Deflator (points) 689.46 697 702 711 712 733
Producer Prices (points) 103.90 104 104 106 106 106
Producer Prices Change (%) 6.80 2.3 1.7 1.5 1 2
Export Prices (points) 100.50 103 104 106 107 108
Import Prices (points) 95.40 94 98 98 100 102
Food Inflation (%) -0.70 0.6 1.5 1 1.9 3

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 3.85 3.85 3.85 3.85 4 4.25
Cash Reserve Ratio (%) 12.50 12.5 12.5 12.5 12.5 12.5
Interbank Rate (%) 3.13 3.4 3.4 3.4 3.55 3.55
Money Supply M0 (CNY Billion) 8580.00 7947 8315 8887 9210 9220
Money Supply M1 (CNY Billion) 60540.00 62265 62265 59800 63300 60841
Money Supply M2 (CNY Billion) 226210.00 226200 228000 220250 231000 225000
Central Bank Balance Sheet (CNY HML) 382772.77 340000 360000 360000 350000 370063
Banks Balance Sheet (CNY Billion) 1470.00 1610 1650 1300 1700 1800
Foreign Exchange Reserves (USD Million) 3198180.00 3100000 3150000 3190000 3190000 3200000
Loans to Private Sector (CNY HML) 18500.00 36000 38000 30000 35000 25000
Deposit Interest Rate (%) 0.35 0.35 0.35 0.35 0.35 0.35
Loan Growth (%) 12.30 12 12.4 13 13.2 13
Lending Rate (%) 4.35 4.35 4.35 4.35 4.35 4.35
Reverse Repo Rate (%) 2.20 2.2 2.2 2.2 2.2 2.2
Fixed Asset Investment (%) 25.60 4.9 4.5 5.3 5.1 5.3

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (USD HML) 428.50 500 320 110 1020 1010
Current Account (USD HML) 751.00 250 400 340 -250 400
Current Account to GDP (%) 1.90 0.3 0.3 0.3 0.9 0.9
Imports (USD HML) 2210.70 1750 2150 2100 2180 2200
Exports (USD HML) 2639.20 2250 2470 3110 3200 3210
External Debt (USD HML) 24007.90 23000 23000 24500 24500 24500
Terms of Trade (points) 105.35 107 110 94.8 108 106
Foreign Direct Investment (USD HML) 448.60 450 420 510 970 1500
Capital Flows (USD HML) -751.00 450 220 -150 -240 -220
Tourist Arrivals (Tens of Thousands ) 3188.00 1500 1500 1500 2500 2500
Crude Oil Production (BBL/D/1K) 3995.00 3840 3950 3790 3820 3810
Tourism Revenues (CNY Trillion) 6.63 2 2 2 4.5 4.5
Weapons Sales (USD Million) 760.00 1060 1060 1060 1060 1060

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 66.80 65 65 65 70 70
Government Budget (% of GDP) -3.70 -3.2 -3.2 -3.2 -3 -3
Government Budget Value (CNY Billion) -154.80 -420 -610 -720 -720 -450
Government Spending (CNY HML) 238874.00 28500 28500 28500 29100 29100
Government Revenues (CNY HML) 15310.00 14000 12000 14000 17000 15000
Fiscal Expenditure (CNY HML) 22970.00 38000 31000 3200 3000 3200
Military Expenditure (USD Million) 266449.00 300000 300000 300000 300000 300000

Taxes Actual Q2 Q3 Q4 Q1 2022
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 (%) 48.00 48 48 48 48 48
Social Security Rate For Companies (%) 37.00 37 37 37 37 37
Social Security Rate For Employees (%) 11.00 11 11 11 11 11

Business Actual Q2 Q3 Q4 Q1 2022
Business Confidence (points) 51.10 51.7 52 52 51.8 52
Services PMI (points) 56.30 52.9 53 52.2 52 51.5
Non Manufacturing PMI (%) 54.90 51.4 51 53 52.8 52.9
Manufacturing PMI (points) 51.90 53 52 51.7 51.5 50.7
Industrial Production (%) 14.10 6.8 4.4 5 4.5 5.5
Industrial Production Mom (%) 0.60 1.2 0.5 0.5 0.4 0.3
Manufacturing Production (%) 15.20 5.9 5.1 5.4 5.9 5.4
Changes in Inventories (CNY HML) 6609.00 14445 14445 14445 15000 15000
Total Vehicle Sales (Units) 2250000.00 2580000 2580000 2650000 2320000 2150000
Car Production (Units) 1883000.00 1910000 2100000 2500000 2600000 2800000
Car Registrations 1874000.00 1220000 1320000 1300000 1500000 2400000
Mining Production (%) 2.90 1.7 2.2 1.6 1.9 1.6
Steel Production (Thousand Tonnes) 94000.00 92000 90000 83000 83000 83000
Corporate Profits (CNY Million) 1825380.00 5750000 6012000 6950000 4600000 7150000
Electricity Production (Gigawatt-hour) 657900.00 651642 660200 722982 722982 764714
Capacity Utilization (%) 77.20 77.1 77.1 76 76.8 76
Composite PMI (points) 54.70 54 53 51.6 51.4 50.6
Cement Production (Ten Thousands of Tonnes) 19702.00 19900 19800 19000 20100 20000

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) 127.00 124 124 120 118 120
Retail Sales MoM (%) 1.75 0.4 0.3 0.3 1.1 0.5
Retail Sales YoY (%) 34.20 4.3 4.2 5.1 3.9 4
Consumer Spending (CNY HML) 385895.60 405576 406348 407506 407506 431549
Disposable Personal Income (CNY) 43834.00 44519 44604 46289 46289 49020
Bank Lending Rate (%) 2.95 2.95 2.95 2.95 3.1 3.1
Consumer Credit (CNY HML) 502742.42 479953 499985 515906 524073 546345
Gasoline Prices (USD/Liter) 0.82 0.67 0.64 0.66 0.58 0.55
Households Debt To GDP (% of GDP) 61.10 62 61.5 62 61 64

Housing Actual Q2 Q3 Q4 Q1 2022
Housing Index (%) 4.60 4.7 4.6 4.8 5 5.3
New Home Sales (CNY HML) 35055.00 65000 115000 160500 160500 165500


This page has economic forecasts for China including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the China economy.