CONFIDENTIALANDPROPRIETARYAnyuseofthismaterialwithoutspecificpermissionofMcKinsey&CompanyisstrictlyprohibitedAugust2023Dr.JonathanWoetzelJeongminSeongErikRongYifeiLiuTheCurrentStateofChineseEconomyBasedonpubliclyavailabledata,asofJuly31,2023McKinsey&Company2ChinamacrointennumbersBasedonpubliclyavailabledata,asofJuly31,20231Macroeconomy2ProductionandinvestmentTradeandcapitalflows3Incomeandconsumption4Finance56.3%GDPy-o-ygrowthinQ2(versus4.5%inQ1)5.4%Medianforecastfor2023GDPgrowth(versus5.7%inMay’sforecast)4.4%Industrialoutputy-o-ygrowthinJune(versus3.5%inMay)–25.1%Salesrevenueofhousingpropertyy-o-ygrowthinJune(versus+0.5%inMay)–12.4%Exportsy-o-ygrowthin...
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