China Economics
Our China coverage provides detailed analysis, independent forecasts, and economic outlooks for China’s economy and financial markets. We offer rapid responses to new data and developments, along with in-depth coverage of key themes, current trends, and future economic dynamics.
This service benefits from the expertise of economists based in both Singapore and London who speak and read Chinese, allowing us to respond rapidly to developments whenever they occur. In addition to the usual suite of analytical publications, the service includes our proprietary China Activity Proxy.
The subscription to this service includes around 3-4 emailed publications a week, access to our online research archive and our economists, and the opportunity to attend our conferences, forums and webinars.
- Insights from a proven team of China experts based in Singapore and London.
- Access to proprietary indicators that reveal what is really happening in China.
- Rapid responses to events and non-consensus, big-picture analysis.
凯投宏观(Capital Economics)是全球领先的独立经济研究公司。我们团队拥有超过60位资深经济学专家,分别在伦敦、纽约、多伦多、悉尼和新加坡设有分公司,提供一流的宏观经济、金融市场分析,走势预测和咨询。自1999年创建起,我们以独到的见解和分析在业界享有盛名,建立了一个杰出多元的客户群体。我们的大部分客户来自金融行业,其中不乏全球投资银行巨头,资产管理机构和众多中小型专业机构。同时,越来越多来自更广泛行业的企业客户,发达和新型经济体的政府和中央银行也与我们建立了合作关系。
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Key Forecasts
Main Economic & Market Forecasts |
|||||||||
%q/q annualised (%y/y), unless stated |
Latest |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
2023 |
2024f |
2025f |
2026f |
Official GDP |
+2.8(+4.7)** |
(4.5) |
(4.7) |
(4.2) |
(4.5) |
(5.2) |
(4.8) |
(4.3) |
(3.8) |
GDP (CE CAP-derived estimates) |
+1.0(+5.4)** |
(4.8) |
(3.7) |
(3.7) |
(3.6) |
(8.0) |
(4.8) |
(4.0) |
(3.5) |
Consumer Prices |
(+0.6)* |
(0.6) |
(0.8) |
(1.1) |
(0.6) |
(0.0) |
(0.5) |
(0.5) |
(0.5) |
Producer Prices |
(-1.8)* |
(-2.0) |
(-1.8) |
(-1.5) |
(-1.7) |
(-3.0) |
(-2.0) |
(-1.5) |
(-1.5) |
Broad Credit (AFRE) |
(+8.1)* |
(8.1) |
(8.1) |
(8.2) |
(8.4) |
(9.8) |
(8.1) |
(8.1) |
(7.5) |
Exports (US$) |
(+8.7)* |
(6.0) |
(6.5) |
(4.0) |
(2.5) |
(-4.5) |
(5.0) |
(2.0) |
(1.0) |
Imports (US$) |
(+0.5)* |
(1.5) |
(-8.5) |
(14.5) |
(7.0) |
(-5.5) |
(1.0) |
(7.5) |
(4.5) |
RMB/$† |
7.02 |
7.02 |
7.10 |
7.05 |
7.05 |
7.09 |
7.10 |
7.00 |
6.80 |
7-day PBOC reverse repo† % |
1.50 |
1.50 |
1.50 |
1.30 |
1.30 |
1.80 |
1.50 |
1.10 |
0.90 |
1-year Loan Prime Rate† (LPR) % |
3.35 |
3.35 |
3.15 |
2.95 |
2.95 |
3.45 |
3.15 |
2.75 |
2.55 |
1-year MLF Rate† % |
2.00 |
2.00 |
2.00 |
1.80 |
1.80 |
2.50 |
2.00 |
1.60 |
1.40 |
10-year Government Bond Yield† % |
2.16 |
2.16 |
2.10 |
1.90 |
1.90 |
2.57 |
2.10 |
1.70 |
1.60 |
RRR (major banks)† % |
9.50 |
9.50 |
9.25 |
9.25 |
9.00 |
10.50 |
9.25 |
8.75 |
8.25 |
CSI 300 Index† |
4,017 |
4,017 |
3,740 |
3,820 |
3,900 |
3,431 |
3,740 |
4,060 |
3,680 |
Hong Kong GDP |
+3.3(+0.4)** |
(2.7) |
(4.3) |
(1.5) |
(2.7) |
(3.2) |
(3.5) |
(2.5) |
(1.5) |
Hang Seng Index† |
22,741 |
21,130 |
20,900 |
21,350 |
21,800 |
17,047 |
20,900 |
22,700 |
20,600 |
Sources: LSEG Data and Analytics, CEIC, Capital Economics, *August ; **Q2 †End of period |
Featured Economists
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Mark Williams
Chief Asia Economist
Mark Williams is Capital Economics' Chief Asia Economist. He leads a team of macroeconomists covering the whole region, while paying particularly close attention himself to developments in China's economy and financial markets, and their implications for the rest of the world. Mark also works closely with William Jackson on the Emerging Markets Service looking at issues common to different parts of the emerging world. Mark has been with Capital Economics since 2007. He was previously Asia economist at HM Treasury, responsible for analysis of the risks and prospects in non-Japan Asia and prior to that lived and worked for several years in Taiwan. He speaks and reads Chinese and has degrees in Chinese and Economics from the universities of Edinburgh and Oxford.
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Julian Evans-Pritchard
Head of China Economics
Julian Evans-Pritchard joined Capital Economics in September 2013. Based in Singapore, Julian works with Mark Williams to cover the Chinese economy. He speaks and reads Chinese, and previously worked as a translator for Caixin, one of China’s leading financial news providers. Julian holds an undergraduate degree in mathematics and economics from the University of York and is currently pursuing a masters degree in economics at the National University of Singapore. He is a Chartered Financial Analyst and a member of the Economic Society of Singapore.
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Zichun Huang
China Economist
Zichun Huang joined Capital Economics in May 2022 and she is a China Economist on our China service. She previously worked as an investment associate at an asset manager in Singapore and as a research fellow in Singapore Management University. She has a PhD degree in Economics from Nanyang Technological University in Singapore, and a bachelor’s degree in Financial Engineering from Huazhong University of Science and Technology in China.
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Leah Fahy
China Economist
Leah is an Economist within our China team. She joined Capital Economics on the Graduate Scheme in 2022 and has also worked across the Global, Emerging Markets and Property services. She has an undergraduate degree in Philosophy, Politics and Economics from the University of Oxford, and is currently working towards her Masters in Economic History at the London School of Economics.
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Gabriel Ng
Assistant Economist
Gabriel Ng joined the inaugural Fast-track Economist Scheme based in Singapore. Prior to joining the company, Gabriel worked as a finance intern at C40 Cities Climate Leadership Group. He holds a degree in Economics and Management from the University of Oxford as well as a degree from the Guildhall School of Music and Drama.