China Economic Data May 2026: GDP, Trade, Industrial Output, CPI and M2

GDP: China's economy grew 5.0% in Q1 2026, beating consensus forecasts of 4.8%. The result puts the full-year target of 4.5–5% within reach, though trade war headwinds cloud the outlook. See the full Q1 GDP analysis.

Trade: May exports climbed to $376.8B while imports held at $271.4B, widening the monthly surplus to $105.4B. YTD Jan–May trade reached $2.98T (+19.2% YoY), showing that external demand stayed firm even as imports remained elevated. See the May trade data page.

CPI: Consumer prices rose 1.2% year over year and 0.3% month over month in the April release, so consumer inflation stayed well anchored. The split inside the index matters more than the headline: food prices fell 1.6% year over year, dragged by a 15.2% drop in pork prices, while non-food prices rose 1.8% on services and labour-intensive costs. Mild consumer inflation leaves the PBOC room to keep an accommodative stance. Track monthly CPI data.

PPI: Producer prices rose 2.8% year over year and 1.7% month over month, a faster pace than consumer prices. The increase was concentrated upstream: non-ferrous metals rose 21.3% on supply constraints and renewable-energy and EV demand, and petroleum and natural gas extraction rose 28.6% on elevated global energy prices. Consumer inflation was contained while upstream cost pressure built, which is the transmission risk to watch in later months. PPI data.

M2: Money supply growth held steady at 7.2%, consistent with the PBOC's moderate easing bias. Credit expansion is directed toward manufacturing and green investment rather than property. M2 data.

Industrial Output: April industrial output grew 4.1% YoY (Jan–Apr cumulative +5.6%), led by high-tech manufacturing. EV production remains strong. The NBS noted stable output growth despite external headwinds from US tariffs. Track the underlying monthly product series for new energy vehicles, integrated circuits, solar cells, and crude steel. See April industrial output analysis.

What came next: June improved the production side and pushed manufacturing PMI back above 50, without removing the investment drag. See the June 2026 snapshot and the full 2026 monthly series.