China: Three things in China

Research evidence excerpt

China: Three things in China

Goldman Sachs China

non-manufacturing PMIs this week. We expect both to decline from June levels.

High-frequency data showed weaker steel production. Our equity analysts’ channel

checks indicated softer new orders. Weather conditions remained challenging in

July, with typhoon disruptions and heavy rainfall. Altogether, we project the NBS

manufacturing PMI to fall from 50.3 in June to 49.9 in July.

Recent GS China macro research

Thematic research:

China Matters: Time to Ease, 20 July 2026

Asia in Focus: A New Funding Source for China’s High-Tech Ambitions, 12 July 2026

Data comments and trackers:

AEJ Week Ahead: China PMI, Korea IP, and GDP for Hong Kong and Taiwan, 24 July 2026

GS China Econ Proprietary Indicators: July, 24 July 2026

China Economic Activity and Policy Tracker: July 24, 24 July 2026

China: Fiscal revenue and expenditure growth both improved in June, while land sales

revenue contracted further, 22 July 2026

China Consumer Dashboard: 2026Q2: Consumption momentum softened sequentially,

19 July 2026

China: SAFE data suggest some FX inflows in June, 17 July 2026

China: July Politburo meeting preview: Stronger easing rhetoric likely, but demand-side

stimulus remains key, 16 July 2026

China: Weaker-than-expected money and credit data in June; PBOC press conference

suggests broad easing remains conditional, 15 July 2026

China: 70-city average primary property price decline narrowed further in June, with

Tier-1 cities posting sequential gains, 15 July 2026

China: Real GDP growth slowed meaningfully in Q2 amid mixed June activity data, 15

July 2026

China: Trade growth accelerated further in June, 14 July 2026

China: China’s 15th FYP for Expanding Consumption — Supply-Side Push, Demand-Side

Constraints, 14 July 2026