China’s National Bureau of Statistics (NBS) Summary of Economic Performance in the First Half of 2026
Overall, the national economy operated within a reasonable range during the first half of the year. New quality productive forces continued to develop and expand, while high-quality development advanced toward greater innovation and higher efficiency. However, it should also be noted that external instability and uncertainties remain significant, domestic issues of strong supply and weak demand are still prominent, and the foundation for economic recovery and improvement requires further consolidation.
In the first half of the year, China’s gross domestic product (GDP) reached RMB 69.5704 trillion. Calculated at constant prices, GDP increased by 4.7% year on year.
By sector:
- The value added of the primary industry was RMB 3.1522 trillion, up 3.7% year on year.
- The value added of the secondary industry was RMB 25.0473 trillion, up 3.9%.
- The value added of the tertiary industry was RMB 41.3709 trillion, up 5.2%.
By quarter, GDP increased 5.0% year on year in the first quarter and 4.3% in the second quarter. On a quarter-on-quarter basis, GDP increased 0.9% in the second quarter.
Industrial Capacity Utilization
In the second quarter of 2026, the capacity utilization rate of industrial enterprises above designated size nationwide was 73.0%, down 0.6 percentage points from the first quarter and down 1.0 percentage point from the same period last year.
By the three major industrial categories:
- Mining: 69.1%
- Manufacturing: 73.5%
- Production and supply of electricity, heat, gas, and water: 70.4%
By major industries:
- Coal mining and washing: 61.2%
- Food manufacturing: 70.2%
- Textile industry: 74.9%
- Manufacturing of chemical raw materials and chemical products: 69.4%
- Non-metallic mineral products: 59.6%
- Ferrous metal smelting and rolling processing: 77.6%
- Non-ferrous metal smelting and rolling processing: 76.2%
- General equipment manufacturing: 80.1%
- Special-purpose equipment manufacturing: 76.7%
- Automobile manufacturing: 70.8%
- Electrical machinery and equipment manufacturing: 70.3%
- Computer, communications equipment, and other electronic equipment manufacturing: 78.7%
Consumer Market
In the first half of the year, total retail sales of consumer goods and services increased 2.7% year on year. Among them:
- Retail sales of services increased 5.3%.
- Retail sales of goods increased 1.1%.
Within service consumption, retail sales of:
- Information and communication services,
- Tourism consulting and rental services,
- Cultural, sports, and recreational services,
recorded relatively rapid growth.
Total retail sales of consumer goods reached RMB 24.8722 trillion, up 1.3% year on year.
By location of business operations:
- Urban consumer goods retail sales reached RMB 21.5506 trillion, up 1.2%.
- Rural consumer goods retail sales reached RMB 3.3216 trillion, up 2.5%.
By consumption category:
- Goods retail sales reached RMB 22.0467 trillion, up 1.1%.
- Catering revenue reached RMB 2.8255 trillion, up 2.8%.
Sales of essential consumer goods and some upgraded consumption categories grew relatively quickly. Among enterprises above designated size:
- Grain, oil, and food products increased 7.4%.
- Clothing, footwear, textiles, and related products increased 6.7%.
- Communication equipment increased 14.4%.
In June:
- Total retail sales of consumer goods reached RMB 4.2691 trillion, up 1.0% year on year, compared with a decline of 0.6% in May.
- Month-on-month growth was 0.38%.
In the first half of the year:
- Online retail sales of goods and services reached RMB 10.0715 trillion, up 5.2% year on year.
- Online retail sales of goods reached RMB 6.4296 trillion, up 4.8%.
- Online service retail sales reached RMB 3.6419 trillion, up 6.0%.
Residents’ Income
In the first half of the year, national per capita disposable income reached RMB 22,981, representing:
- A nominal increase of 5.2% year on year.
- A real increase of 4.2% after adjusting for price factors.
By place of residence:
Urban residents:
- Per capita disposable income: RMB 30,126
- Nominal growth: 4.4%
- Real growth: 3.4%
Rural residents:
- Per capita disposable income: RMB 12,699
- Nominal growth: 6.4%
- Real growth: 5.5%
By income source, national per capita income increased nominally by:
- Wage income: 5.3%
- Net operating income: 6.5%
- Net property income: 1.1%
- Net transfer income: 5.8%
In the first half of the year, the ratio of urban-to-rural residents’ per capita disposable income (with rural residents as 1) was 2.37, narrowing by 0.05 compared with the previous year.
Residents’ Consumption Expenditure
In the first half of the year, national per capita consumption expenditure was RMB 14,836, representing:
- A nominal increase of 3.7% year on year.
- A real increase of 2.7% after adjusting for price factors.
By residence:
Urban residents:
- Per capita consumption expenditure: RMB 18,071
- Growth: 3.0%
- Real growth: 2.0%
Rural residents:
- Per capita consumption expenditure: RMB 10,180
- Growth: 4.6%
- Real growth: 3.8%
Breakdown of Per Capita Consumption Expenditure
In the first half of the year:
- Food, tobacco, and alcohol consumption expenditure: RMB 4,537, up 4.2%, accounting for 30.6% of total consumption expenditure.
- Clothing expenditure: RMB 880, up 4.4%, accounting for 5.9%.
- Housing expenditure: RMB 3,135, up 1.4%, accounting for 21.1%.
- Household goods and services expenditure: RMB 847, up 5.3%, accounting for 5.7%.
- Transportation and communication expenditure: RMB 2,065, up 4.7%, accounting for 13.9%.
- Education, culture, and entertainment expenditure: RMB 1,572, up 4.9%, accounting for 10.6%.
- Healthcare expenditure: RMB 1,330, up 1.2%, accounting for 9.0%.
- Other goods and services expenditure: RMB 470, up 9.3%, accounting for 3.2%.
Employment
In the first half of the year, the average surveyed urban unemployment rate nationwide was 5.2%.
In June:
- The surveyed urban unemployment rate was 5.0%, down 0.1 percentage points from the previous month.
- The unemployment rate among local household-registered labor force was 5.0%.
- The unemployment rate among migrant labor force was 4.9%.
- The unemployment rate among migrant agricultural workers was 4.8%.
The surveyed unemployment rate in 31 major cities was 5.0%, down 0.1 percentage points from the previous month.
The average weekly working hours of employees in enterprises nationwide was 48.2 hours.
By the end of the second quarter:
- The total number of rural migrant workers working outside their hometowns reached 192.27 million, an increase of 0.5% year on year.
Key Points:
China’s gross domestic product (GDP) in the first half of 2026 reached RMB 69.5704 trillion, calculated at constant prices, representing a year-on-year increase of 4.7%. GDP grew 5.0% year on year in the first quarter and 4.3% in the second quarter.
China’s GDP in the second quarter of 2026 increased 0.9% quarter on quarter, slowing from the 1.3% quarter-on-quarter growth rate in the first quarter.
China’s GDP growth rate in the first half of 2026 was 4.7% year on year, which was 0.6 percentage points lower than the 5.3% growth rate recorded in the first half of 2025.
GDP growth rates in the first half of recent years were:
- First half of 2023: 5.5%
- First half of 2024: 5.0%
- First half of 2025: 5.3%
- First half of 2026: 4.7%
China’s GDP growth has shown a “W-shaped fluctuating downward trend” after the pandemic, with economic growth gradually slowing amid fluctuations.
Negative Growth Categories in Physical Goods Retail Sales
(January–June cumulative year-on-year nominal growth rate)
The categories experiencing negative growth in retail sales of physical goods include:
Automobile Products:
- Growth rate: -12.6%
- Total sales value: RMB 1.9688 trillion
Reasons:
Automobile consumption recorded the largest decline among all categories, mainly due to:
- Adjustments to new energy vehicle purchase tax incentives (changed from full exemption to a 5% tax rate).
- Temporary adjustments to trade-in subsidy quotas at the beginning of the year.
- Consumers adopting a wait-and-see attitude due to intensified price competition (“price wars”) among domestic automobile manufacturers.
Building and Decoration Materials:
- Growth rate: -8.8%
- Total sales value: RMB 60.9 billion
Reasons:
This category was directly affected by:
- The decline in real estate development investment (down 18.0% year on year from January to June).
- The decline in new commercial housing sales area.
As a downstream segment of the real estate industry chain, demand for decoration materials continued to weaken.
Household Appliances and Audio-Visual Equipment:
- Growth rate: -7.4%
- Total sales value: RMB 543.7 billion
Reasons:
The sector was affected by:
- The transmission effect from the real estate downturn.
- A relatively high comparison base due to large-scale consumption promotion policies during the same period last year.
As a result, sales of major household appliances faced significant pressure in the first half of the year.
Petroleum and Related Products:
- Growth rate: -5.7%
- Total sales value: RMB 1.0696 trillion
Reasons:
The decline was mainly caused by:
- International oil price fluctuations.
- Partial replacement of traditional fuel vehicles by new energy vehicles.
- Changes in business travel patterns.
Furniture:
- Growth rate: -3.7%
- Total sales value: RMB 87 billion
Reasons:
Similar to building and decoration materials, furniture is a typical large-scale consumption category closely linked to the real estate market. It remained weak due to the broader economic environment.
Sports and Entertainment Products:
- Growth rate: -2.4%
- Total sales value: RMB 87 billion
Reasons:
The decline was mainly due to:
- A natural correction after a high comparison base.
- Reduced discretionary spending by residents on outdoor products and specific entertainment equipment.
Communication Equipment Consumption
In the first half of the year, sales of “communication equipment,” including mobile phones, increased sharply by 14.4% year on year. In June alone, growth reached 16.5%, making it the fastest-growing category among all physical consumer goods.
However, according to data from Sigmaintell, China’s smartphone shipments in the second quarter of 2026 were approximately 63.1 million units, representing a 7% year-on-year decline.
The significant increase in sales value was mainly driven by rising smartphone prices. In 2026, global smartphone memory prices (DRAM and NAND flash memory) surged due to supply constraints, with costs increasing by nearly 300% compared with the same period last year.
According to reports from the China Business Journal, while sales of entry-level smartphones priced below US$400 dropped sharply, sales of smartphones priced above US$400, particularly premium flagship models, increased by 5.7% despite the overall market decline.
Huawei (with strong sales of the Pura 90 series and other flagship products) and Apple both experienced approximately 20% growth in shipments in the second quarter, moving against the overall market trend.
This represents a typical example of “K-shaped divergence”, where different market segments experience sharply different trends.
Residents’ Income
In the first half of the year:
National per capita disposable income median was RMB 19,036 (approximately US$2,809), increasing 4.7% year on year.
The median income accounted for 82.8% of the average income level.
By residence:
Urban residents:
- Median per capita disposable income: RMB 26,389 (approximately US$3,894)
- Growth rate: 4.0%
- Median income accounted for 87.6% of average income
Rural residents:
- Median per capita disposable income: RMB 10,649 (approximately US$1,571)
- Growth rate: 5.9%
- Median income accounted for 83.9% of average income
Wage Income
In the first half of the year:
National per capita wage income was RMB 13,298 (approximately US$1,962).
By residence:
Urban residents:
- Per capita wage income: RMB 18,359 (approximately US$2,709)
- Nominal year-on-year growth: 4.6%
Rural residents:
- Per capita wage income: RMB 6,013 (approximately US$887)
- Nominal year-on-year growth: 6.0%
Residents’ Consumption Expenditure
In the first half of the year:
National per capita consumption expenditure was RMB 14,836 (approximately US$2,193).
- Nominal growth: 3.7%
- Real growth after adjusting for price factors: 2.7%
The largest components of household consumption remained:
- Food, tobacco, and alcohol: RMB 4,537, accounting for 30.6%.
- Housing: RMB 3,135, accounting for 21.1%.
Together, these two categories accounted for 51.7% of total per capita consumption expenditure.
Average Weekly Working Hours
In the second quarter of 2026 (June):
The average weekly working hours of employees in enterprises nationwide were 48.2 hours.
Compared with:
- First quarter of 2026: 48.1 hours, an increase of 0.1 hours quarter on quarter.
- Second quarter of 2025: 48.5 hours, a decrease of 0.3 hours year on year.
China’s average weekly working hours for enterprise employees had increased continuously for nine years since 2015, reaching an excessive-work peak of 49.0 hours at the end of 2024.
Entering 2026, the continuous upward trend in average weekly working hours ended, with working hours beginning to decline.
https://www.stats.gov.cn/sj/zxfb/202607/t20260715_1964121.html https://www.stats.gov.cn/sj/zxfbhjd/202607/t20260716_1964142.html https://www.stats.gov.cn/sj/zxfb/202607/t20260715_1964129.html https://www.stats.gov.cn/sj/zxfb/202607/t20260715_1964127.html https://www.stats.gov.cn/sj/zxfb/202607/t20260715_1964130.html
Translation
On July 15, 2026, China’s National Bureau of Statistics released economic data for the first half of the year.
The National Bureau of Statistics of China summarized the situation as follows: “Overall, the national economy operated within a reasonable range during the first half of the year; new quality productive forces were cultivated and strengthened, and high-quality development progressed toward new and better outcomes. However, it is also necessary to acknowledge the prevalence of external instability and uncertainty, the prominent domestic imbalance between strong supply and weak demand, and the need to consolidate the foundation for economic improvement.”
In the first half of the year, Gross Domestic Product (GDP) reached 69.5704 trillion yuan, representing a year-on-year increase of 4.7% at constant prices. By sector, the value added of the primary industry was 3.1522 trillion yuan (up 3.7%); that of the secondary industry was 25.0473 trillion yuan (up 3.9%); and that of the tertiary industry was 41.3709 trillion yuan (up 5.2%). By quarter, GDP grew by 5.0% year-on-year in the first quarter and by 4.3% in the second quarter. On a quarter-on-quarter basis, GDP grew by 0.9% in the second quarter.
In the second quarter of 2026, the capacity utilization rate for industrial enterprises above designated size nationwide was 73.0%, down 0.6 percentage points from the first quarter and down 1.0 percentage point from the same period last year. By major industrial category, the capacity utilization rate in the second quarter of 2026 was 69.1% for mining, 73.5% for manufacturing, and 70.4% for the production and supply of electricity, heat, gas, and water. By key industry, the capacity utilization rates in the second quarter of 2026 were as follows: 61.2% for coal mining and washing; 70.2% for food manufacturing; 74.9% for textiles; 69.4% for the manufacture of raw chemical materials and chemical products; 59.6% for the manufacture of non-metallic mineral products; 77.6% for the smelting and pressing of ferrous metals; 76.2% for the smelting and pressing of non-ferrous metals; 80.1% for the manufacture of general-purpose machinery; 76.7% for the manufacture of special-purpose machinery; 70.8% for automobile manufacturing; 70.3% for the manufacture of electrical machinery and equipment; and 78.7% for the manufacture of computer, communication, and other electronic equipment.
In the first half of the year, total retail sales of consumer goods and services rose by 2.7% year-on-year; specifically, retail sales of services grew by 5.3%, while retail sales of goods grew by 1.1%. Among service retail sales, categories such as communication and information services, tourism consultation and rental services, and cultural, sports, and leisure services experienced relatively rapid growth. In the first half of the year, total retail sales of consumer goods reached 24.8722 trillion yuan, a year-on-year increase of 1.3%. By location of business units, retail sales of consumer goods in urban areas totaled 21.5506 trillion yuan (up 1.2% year-on-year), while those in rural areas totaled 3.3216 trillion yuan (up 2.5%). By consumption type, retail sales of goods amounted to 22.0467 trillion yuan (up 1.1% year-on-year), and catering revenue reached 2.8255 trillion yuan (up 2.8%). Sales of basic necessities and certain upgraded consumer goods grew rapidly; specifically, retail sales of grain, oil, and food; clothing, shoes, hats, and textiles; and communication equipment by enterprises above designated size increased by 7.4%, 6.7%, and 14.4% year-on-year, respectively. In June, total retail sales of consumer goods stood at 4.2691 trillion yuan, up 1.0% year-on-year (reversing the 0.6% decline seen in the previous month) and up 0.38% month-on-month. In the first half of the year, national online retail sales of goods and services totaled 10.0715 trillion yuan, a year-on-year increase of 5.2%. Of this total, online retail sales of goods amounted to 6.4296 trillion yuan (up 4.8%), and online retail sales of services reached 3.6419 trillion yuan (up 6.0%).
In the first half of the year, the per capita disposable income of national residents was 22,981 yuan, a nominal year-on-year increase of 5.2% and a real increase of 4.2% after adjusting for price factors. By place of residence, the per capita disposable income of urban residents was 30,126 yuan (up 4.4% nominally and 3.4% in real terms year-on-year), while that of rural residents was 12,699 yuan (up 6.4% nominally and 5.5% in real terms year-on-year). In terms of income sources, national per capita wage income, net business income, net property income, and net transfer income grew nominally by 5.3%, 6.5%, 1.1%, and 5.8%, respectively. The ratio of per capita disposable income between urban and rural residents (with rural residents’ income set at 1) was 2.37 in the first half of the year, a year-on-year narrowing of 0.05. In the first half of the year, the national per capita consumption expenditure of residents was 14,836 yuan, a nominal increase of 3.7% year-on-year, or a real increase of 2.7% after adjusting for price factors. By area, per capita consumption expenditure of urban residents was 18,071 yuan, up 3.0% (or 2.0% in real terms); that of rural residents was 10,180 yuan, up 4.6% (or 3.8% in real terms).
During the first half of the year, national per capita consumption expenditure on food, tobacco, and alcohol was 4,537 yuan, up 4.2%, accounting for 30.6% of total per capita consumption expenditure; expenditure on clothing was 880 yuan, up 4.4% (5.9% of the total); expenditure on housing was 3,135 yuan, up 1.4% (21.1% of the total); expenditure on household goods and services was 847 yuan, up 5.3% (5.7% of the total); expenditure on transportation and communication was 2,065 yuan, up 4.7% (13.9% of the total); expenditure on education, culture, and entertainment was 1,572 yuan, up 4.9% (10.6% of the total); expenditure on healthcare was 1,330 yuan, up 1.2% (9.0% of the total); and expenditure on other goods and services was 470 yuan, up 9.3% (3.2% of the total).
In the first half of the year, the average surveyed urban unemployment rate nationwide was 5.2%. In June, the surveyed urban unemployment rate was 5.0%, down 0.1 percentage points from the previous month. The surveyed unemployment rate for the local household registration labor force was 5.0%, while that for the non-local household registration labor force was 4.9% (with the rate for the non-local agricultural household registration labor force standing at 4.8%). The surveyed urban unemployment rate in 31 major cities was 5.0%, down 0.1 percentage points from the previous month. The average weekly working hours for employed persons in enterprises nationwide stood at 48.2 hours. By the end of the second quarter, the total number of rural migrant workers reached 192.27 million, a year-on-year increase of 0.5%.
Key Highlights
In the first half of 2026, China’s Gross Domestic Product (GDP) totaled 69.5704 trillion yuan, representing a year-on-year increase of 4.7% at constant prices. Specifically, growth was 5.0% year-on-year in the first quarter and 4.3% in the second quarter. China’s GDP grew by 0.9% quarter-on-quarter in the second quarter of 2026, a slowdown compared to the 1.3% growth rate seen in the first quarter. The 4.7% year-on-year growth in the first half of 2026 marked a deceleration of 0.6 percentage points compared to the same period in the previous year (when GDP grew by 5.3% in the first half of 2025). With growth rates of 5.5% (H1 2023), 5.0% (H1 2024), 5.3% (H1 2025), and 4.7% (H1 2026), China’s GDP growth has exhibited a “W-shaped” fluctuating downward trend in the post-pandemic era.
Retail categories for physical goods recording negative year-on-year nominal growth (cumulative, January–June) include the following: Automobiles: -12.6% (absolute value: 1.9688 trillion yuan). Reasons: Automobile consumption saw the steepest decline among all categories due to several factors: adjustments to purchase tax incentives for new energy vehicles (shifting from a full exemption to a 5% tax rate); periodic adjustments to “trade-in” subsidy quotas early in the year; and a strong “wait-and-see” sentiment among consumers driven by the “price war” among domestic automakers. Building and decoration materials: -8.8% (absolute value: 60.9 billion yuan). Reasons: Demand for renovation and building materials—located at the downstream end of the industry chain—remained weak, directly dragged down by the slump in real estate development investment (down 18.0% year-on-year from January to June) and the decline in sales area of newly built commercial housing. Household appliances and audio-visual equipment: -7.4% (absolute value: 543.7 billion yuan). Reason: Retail sales of major home appliances faced significant pressure in the first half of the year due to the lagged effects of the real estate cycle and a high base of comparison from large-scale consumption-promotion policies implemented during the same period last year. Petroleum and related products: -5.7% (absolute value: 1.0696 trillion yuan). Reason: Influenced by multiple factors, including fluctuations in international oil prices, the partial displacement of internal combustion engine vehicles by new energy vehicles in the domestic market, and shifts in the structure of business travel. Furniture: -3.7% (absolute value: 87 billion yuan). Reason: Similar to the building and decoration category, this is a major consumer segment closely tied to the real estate market; performance was sluggish due to the broader economic environment. Sports and entertainment goods: -2.4% (absolute value: 87 billion yuan). Reason: A natural pullback following a high base period; households reduced discretionary spending on outdoor gear and specific entertainment hardware. In the first half of the year, the “communication equipment” category—which includes mobile phones—surged by 14.4% (rising 16.5% in June alone), making it the fastest-growing category among all physical goods. However, data from Sigmaintell indicates that smartphone shipments in China totaled approximately 63.1 million units in the second quarter of 2026, a year-on-year decline of 7%. The sharp rise in sales revenue was primarily driven by a nearly 300% year-on-year surge in memory costs (DRAM and NAND flash) caused by supply constraints. According to the China Business Journal, while sales of entry-level phones priced under $400 plummeted, sales of premium flagship models priced above $400—particularly those with high price points—bucked the trend with a 5.7% increase. Shipments for Huawei (with high-profile, hot-selling series like the Pura 90) and Apple actually surged by around 20% in the second quarter, illustrating a classic “K-shaped divergence.” In the first half of the year, the national median per capita disposable income was 19,036 yuan (US$2,809), an increase of 4.7%; the median figure represented 82.8% of the mean. Specifically, the median per capita disposable income of urban residents was 26,389 yuan ($3,894), an increase of 4.0% (representing 87.6% of the mean); the median per capita disposable income of rural residents was 10,649 yuan ($1,571), an increase of 5.9% (representing 83.9% of the mean). In the first half of the year, the national per capita income from wages and salaries was 13,298 yuan ($1,962). For urban residents, this figure was 18,359 yuan ($2,709), a nominal year-on-year increase of 4.6%; for rural residents, it was 6,013 yuan ($887), a nominal year-on-year increase of 6.0%.
During the same period, national per capita consumption expenditure stood at 14,836 yuan ($2,193), marking a nominal increase of 3.7% and a real increase of 2.7% after adjusting for price factors. The largest components of per capita consumption remained food, tobacco, and alcohol (4,537 yuan, accounting for 30.6%) and housing (3,135 yuan, accounting for 21.1%), which together constituted 51.7% of the total.
In the second quarter (June) of 2026, the average weekly working hours for enterprise employees nationwide was 48.2 hours. This represented a slight increase of 0.1 hours compared to the first quarter (48.1 hours) but a decrease of 0.3 hours compared to the same quarter of the previous year (48.5 hours). Average weekly working hours for enterprise employees in China had risen continuously for nine years since 2015 (peaking at an “overwork” level of 49.0 hours at the end of 2024). Entering 2026, however, the upward trend in average weekly working hours came to an end, and the figures began to decline.
