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Content 5 · Events 15

China's October Manufacturing PMI Falls to 49.3, Returning to Contraction Zone

10.31 ·Reported ·Importance IV ·Sources 1 ·China

According to the Associated Press, data released by China's National Bureau of Statistics on October 31 showed that the manufacturing PMI for October fell from 50.1 in September to 49.3, the new export orders index dropped from 50.0 to 48.7, and the production index fell from 51.7 to 49.8, indicating that factory activity has shifted from expansion to contraction.

National Bureau of Statistics: Per capita disposable income in the first three quarters was 34,230 yuan, with per capita consumption expenditure of 22,354 yuan

10.19 ·Reported ·Importance III ·Sources 1 ·China

On October 19, the National Bureau of Statistics released data on residents' income and consumption expenditure for the first three quarters of 2026: the national per capita disposable income was 34,230 yuan, up 5.3% year on year; per capita consumption expenditure was 22,354 yuan, up 3.6% year on year, lower than the income growth rate.

September PPI up 5.0% year-on-year, the biggest rise since June 2022; CPI up only 0.9%

10.14 ·Reported ·Importance III ·Sources 1 ·China

On October 14, the National Bureau of Statistics released September data: the PPI rose 5.0% year-on-year, the largest increase since June 2022; the CPI rose only 0.9%, below market expectations, driven mainly by higher gasoline prices; the core CPI rose 1.0% year-on-year, unchanged from August. Reuters noted that weak domestic demand limits companies' ability to pass on costs.

CCP Statistics Bureau, Central Bank and General Administration of Customs Release Third-Quarter Macroeconomic Data

2026.10 ·Reported ·Importance IV ·Sources 2 ·China

The Chinese Communist Party (CCP) officially released economic data for September and the third quarter, showing exports hitting a record high in a single month, PPI rising 5% year-on-year, and new aggregate financing of 3.55 trillion yuan, presenting a recovery narrative; however, at the micro level, new household loans stood at zero, and profits of mid- and downstream firms were severely eroded by the scissors gap.

National Bureau of Statistics Announces August Unemployment Rate, Says Overall Stable

09.15 ·Reported ·Importance III ·Sources 1 ·Beijing

At the September 15 press conference of the State Council Information Office, the National Bureau of Statistics announced that the average urban surveyed unemployment rate for January to August nationwide was 5.2%, with the August monthly rate at 5.3% and a month‑on‑month increase of 0.1 percentage point. The authorities described the employment situation as overall stable, prompting netizens to mock and question statistical rules such as the exclusion of flexible employment from unemployment counts.

National Bureau of Statistics Releases Industrial Enterprise Profit Data for the First Half of the Year

07.27 ·Official claim ·Importance III ·Sources 2 ·China

The National Bureau of Statistics (NBS) of the Chinese Communist Party (CCP) released good news claiming that profits of industrial enterprises above designated size increased by 18.7% year-on-year in the first half of the year, but actual performance showed severe industrial divergence, with the majority of profits swallowed by a few upstream industries.

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