China Economic Data September 2026: GDP, Industrial Output, Retail Sales, CPI and Trade
Source: National Bureau of Statistics · General Administration of Customs
September 2026 · Updated
Production and retail improved as PMI returned above 50
Industrial output rose 5.5% year over year and retail sales growth picked up to 1.1%. Manufacturing PMI reached 50.1, while investment remained down 7.2% over January–September. Third-quarter GDP grew 4.5%.
Read the September analysisWhat changed in September
Production strengthened, with a modest pickup in consumption
Industrial value added grew 5.5% year over year, following 5.2% in August. Retail sales growth rose from 0.4% to 1.1%. Both improved, though consumption growth remained well below the pace of industrial production.
Investment remained the weak spot
Fixed asset investment fell 7.2% in January–September from a year earlier, matching the January–August decline. The improvement in September output and retail sales has yet to translate into a recovery in cumulative investment.
Manufacturing and services moved back into expansion
Manufacturing PMI rose to 50.1 from 49.8. The production index reached 51.7, while new orders stood at 50.5. Non-manufacturing business activity recovered to 50.2 from 49.0, and the composite output index rose to 50.7.
Producer prices accelerated faster than consumer prices
CPI rose 0.9% year over year, up from 0.8% in August, with core CPI unchanged at 1.0%. PPI increased 5.0% year over year and 1.2% month over month, compared with 3.8% and 0.4% respectively in August.
Third-quarter GDP growth picked up
Real GDP grew 4.5% year over year in the third quarter, after 4.3% in the second quarter. Growth over the first nine months was 4.6%. September's stronger activity readings accompanied a pickup in quarterly growth.
Goods trade delivered a large surplus
September exports were $447.2 billion and imports $313.7 billion, leaving a $133.5 billion surplus. Total goods trade reached $760.8 billion. Explore the September trade breakdown for products and partners.
Related datasets
Sources and citation
- NBS: September activity and third-quarter GDP, October 19, 2026
- NBS: September CPI and PPI, October 14, 2026
- NBS: September purchasing managers' indices, September 30, 2026
- GACC: monthly goods trade, September 2026; values in US dollars
China Data Portal. “China Economic Data September 2026.” November 5, 2026. chinadata.live/china-economic-data/2026/09/.