China Macro & Policy Tracker

China’s Fiscal Revenue Rises 6.7% in April on PPI Rebound, Fiscal Spending Returns to Decline

China Expands Green Power Direct Connection Policy to Multi-User Model to Boost Renewable Energy Utilization

China Relaxes Inclusive Loan Targets: Shift from Growth Quotas to Stable, Sustainable Lending

China’s LPR Steady for 12th Month, PBOC Report Signals Move Toward Multi-Benchmark Loan Rates

China’s Infrastructure Investment Growth Turns Negative in April: What’s Behind the Decline?

China’s Mechanical and Electrical Exports Hit New High in April, Export Growth to US Return to Growth

China Issues Stricter Rules on Steel Industry Capacity Replacement to Curb Idle and Speculative Capacity

China’s Power Output Rises 2.6% YoY in April, Led by Stronger Hydropower Generation

China Upgrades Departure Tax Refund Policy to Boost Inbound Consumption

China’s Fixed-Asset Investment Declines Again in Jan – Apr, New-Type Infrastructure Investment Accelerates

China’s Industrial Output Growth Slows Amid Global Supply Pressures, Export Delivery Value Hits New High Since 2022

Consumption

China’s Retail Sales Growth Hits Lowest Since 2023, Service Consumption Outpaces Goods

Employment

China’s Urban Wage Growth Rebounds in 2025, Non-Private Sector Outpaces Private Sector Amid Economic Recovery

China’s Power Battery Recycling Urgently Needs Regulation, Authorities Plan to Advance Legislation

China’s Apr New Loans Turn Negative for Third Time on Record, Bond Financing Partly Replaces Bank Lending