Report published September 25, 2026
China Economic Activity and Policy Tracker – Goldman Sachs (September 25, 2026)
Goldman Sachs · September 25, 2026
Goldman Sachs presents its weekly tracker of Chinese economic activity across consumption/mobility, production/investment, trade, and monetary/fiscal policy. High-frequency data shows recovering passenger mobility and consumer sentiment, stable interbank rates, but lagging local government bond issuance.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.China's mobility and consumption indicators showed mixed improvements over the week: domestic passenger flights and traffic congestion rose, primary property market transactions ticked up above year-ago levels, and consumer confidence rebounded, while domestic fuel prices were hiked.
- 2.Industrial and production activity remained mixed: steel demand rose slightly while production dipped, daily coal consumption increased above year-ago levels, and seasonally adjusted EPMI was flat in September.
- 3.Fiscal bond issuance reached RMB 8.60tn (72% of the annual quota) with local government special bonds at RMB 3.33tn YTD, lagging behind year-ago levels.
Table of Contents
- Consumption and mobility
- Production and investment
- Other macro activity
- Markets and policy
Report data
Exhibit 13: Government bond issuance reached RMB8.60tn, or 72% of the annual issuance quota — as of September 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Domestic gasoline price increase | 395 RMB/tonne | Retail gasoline price hike on Sep 25 |
| Domestic diesel price increase | 385 RMB/tonne | Retail diesel price hike on Sep 25 |
| Local government special bonds issued YTD | 3.33 RMB trillion | Special bond issuance remains below year-ago levels |
| Total government bond issuance | 8.60 RMB trillion | Government bond issuance reached 72% of the annual issuance quota |
| Government bond annual issuance quota progress | 72% | Share of approved annual issuance quota achieved YTD |
Reports in this series
China Economic Activity and Policy Tracker is shown in chronological order through this edition, published on September 25, 2026.
Part of the China Economic Activity and Policy Tracker series — view all 13 editions
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