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China

Economics

China

Real Gross Domestic Product

Gross Domestic Product, constant prices, annual % change, SA, updates monthly

Real Gross Domestic Product measures the change in the inflation-adjusted value of all goods and services produced in the economy. It comprises private consumption and investment, inventory buildup, government spending and net exports. Markets watch this indicator to gauge the strength and composition of growth.

China

Activity Indicators

Retail Sales, Industrial Production, Fixed Asset Investment, annual % change, updates monthly

Assesses fluctuations in Chinese economic activity using three indicators: Retail Sales measures consumer spending on retail goods and services, Industrial Production captures gross value added from large industrial firms, and Fixed Asset Investment quantifies capital spending on real estate development, construction, and machinery and equipment by state-owned enterprises, private businesses, institutions and individuals. Note: Due to distortions introduced during the annual Lunar Week holiday, the National Bureau of Statistics combines January and February values.

China

Price Indices

All Items Consumer Price Index and Producer Price Index, annual % change, NSA, updates monthly

Measure of the change over time in the Consumer Price Index, which quantifies the average prices paid by urban and rural consumers for a market basket of goods and services, and the Producer Price Index, which calculates the average change in price of goods and services sold by manufacturers and producers. As the most widely used measures of inflation, changes in these indices are closely followed by policymakers, financial markets, businesses, and consumers to understand price pressures in China, and in the global economy.

China

Trade Balance

Merchandise Trade Balance by region, 12-month rolling sum, balance of payments basis, billions USD, SA, updates monthly

Measures the difference in value between imported and exported merchandise over the reported period, calculated as a 12-month rolling sum. A positive number indicates that more merchandise was exported than imported – generating a trade surplus – and a negative number indicates a deficit. Trade imbalances may reflect fleeting differences in growth rates or more permanent factors in the composition of growth or the endowment and price of natural resources.

China

Policy Rate

Loan Prime Rate, %

The Loan Prime Rate is the lending rate provided by Chinese commercial banks to their most creditworthy customers, and serves as the benchmark for most other loans. Although the Loan Prime Rate is derived from quotes submitted by a group of designated banks, it is believed the People’s Bank of China directly guides the process to achieve desired monetary policy outcomes.

China

Money Supply Growth

M2 Money Supply, annual % change, SA, updates monthly

A measure of currency that includes cash, checking deposits, and non-cash assets that can easily be converted into cash. Markets don’t typically respond directly to changes in M2, but growth in the money supply can influence inflation, interest rates, and exchange rates over longer time horizons.

China

Debt Ratios

Credit to General Government, Non-Financial Corporate (Market Value), and Household Sectors, % of gross domestic product, government at nominal value, others at market value, updates quarterly

Aggregate Debt Ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.

China

Net International Investment Position

Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates annually

The Net International Investment Position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.

China

Currency Reserves

Official Reserve Assets, Foreign Currency Reserves (in convertible foreign currencies), billions USD, updates monthly

Currency Reserves show external holdings that are freely usable for settlement of international transactions, and are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in currency markets to affect exchange rates, and for other related purposes. Developed markets with widely used, freely tradeable international currencies typically provide reserve assets rather than engaging in reserve accumulation.