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Goldman Sachs

May 22, 2026

China Economic Activity and Policy Tracker

Weekly UpdateMacro Economic IndicatorsCommoditiesRates Govt BondsReal EstateEnergy

The report provides a weekly update on China's economic activity, highlighting mixed signals in property and mobility alongside rising energy prices and continued policy support for growth and employment.

Key Takeaways

  • 1.Property market transactions in both primary and secondary markets have declined recently but remain above the levels seen a year ago.
  • 2.Energy costs are rising, with domestic gasoline and diesel prices increased on May 22 and significant surges in April export prices for jet fuel and diesel oil.
  • 3.Mobility indicators are mixed; passenger flights have rebounded but remain below year-ago levels, while traffic congestion is increasing.

Table of Contents

  • 1) Consumption and mobility
  • 2) Production and investment
  • 3) Other macro activity
  • 4) Markets and policy
  • Disclosure Appendix

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Authors

Chelsea SongAndrew Tilton

Securities

China Government BondUSDCNY

Themes

Energy Supply Shock and Price Pass-throughMacro Policy Support for Stability

Regions

Asia PacificChinaUnited States