China Economic Data May 2026: Official Indicator Snapshot

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 analysis.

CPI: Inflation remains stubbornly below 1%, reflecting weak domestic consumption demand despite policy stimulus. The PBOC maintains an accommodative monetary stance. Track monthly CPI 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.

Data vs commentary: This page is the raw monthly indicator snapshot. For the narrative read on what May 2026 means for growth, policy, and trade, open the May 2026 analysis page.