China Economic Activity and Policy Tracker

Latest edition · August 28, 2026

China Economic Activity and Policy Tracker August 28

Goldman Sachs' weekly tracker indicates mixed-to-subdued high-frequency Chinese economic activity, with soft steel production, property volumes below year-ago levels, and lagging government bond issuance. Money market conditions and the CNY remained broadly stable, with fixing adjustments signaling a preference for slower currency appreciation against the USD.

In this weekly tracker, Goldman Sachs assesses high-frequency data across Chinese consumption, production, macro activity, and policy. Consumption and mobility indicators showed slight weekly upticks in primary property sales and traffic congestion, but property transactions remained below year-ago levels and domestic flights declined. Industrial momentum softened as steel production and demand decreased, coastal coal consumption stayed flat, and the oil demand nowcast edged down to 16.5 mb/d. On the fiscal front, local government special bond issuance reached RMB 2.86tn YTD and total government bond quota usage reached RMB 7.22tn YTD, both trailing 2025 paces. Financial conditions remained stable, with the PBOC managing the overnight repo below the 7-day OMO rate and signaling through the USDCNY countercyclical factor a preference for slower CNY appreciation.

Key takeaways from the latest edition

• 1.Primary property transaction volumes in 30 cities edged up week-on-week but remained below year-ago levels, while secondary market volumes across 16 cities were roughly flat.
• 2.Industrial and commodity activity was subdued: steel production and demand continued to decline, coastal coal consumption was flat, and oil demand nowcast edged down to 16.5 mb/d.
• 3.Fiscal bond issuance remained behind last year's pace, with RMB 2.86tn in local government special bonds and RMB 7.22tn in total government bond quota used year-to-date.

What this series covers

• 1) Consumption and mobility
• 2) Production and investment
• 3) Other macro activity
• 4) Markets and policy
• Exhibit 24: Major macro policy announcements since mid-June
• The China Economics Team
• Disclosure Appendix

Edition archive

• China Economic Activity and Policy Tracker August 28

  August 28, 2026

• China Economic Activity and Policy Tracker August 7(1)(1)

  August 7, 2026

• China Economic Activity and Policy Tracker July 24

  July 24, 2026

• China Economic Activity and Policy Tracker: June 18

  June 18, 2026

• China Economic Activity and Policy Tracker May 22

  May 24, 2026

• China Economic Activity and Policy Tracker May 22

  May 22, 2026