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GS China Econ Proprietary Indicators July

Jul 24, 202616 pages页

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Economics Research 24 July 2026 | 5:16PM HKT

GS China Econ Proprietary Indicators: July

Please find an update on our proprietary economic indicators below. The data Chelsea Song | behind our proprietary economic indicators can be downloaded here (methodology Goldman Sachs (Asia) L.L.C. notes available in the appendix).

GS Proprietary Economic Indicators

Exhibit 1: Our China Current Activity Indicator (CAI) rose to +5.3% mom annualized sa in June, vs. +4.2% in May

Source: Goldman Sachs Global Investment Research, NBS, CEIC

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to

Goldman Sachs GS China Econ Proprietary Indicators

Exhibit 2: June’s improvement in CAI was driven by manufacturing and consumption

Source: Goldman Sachs Global Investment Research, NBS, CEIC

Exhibit 3: Our proprietary import-implied domestic demand proxy suggests still-weak domestic demand growth in Q2

Source: Haver Analytics, Goldman Sachs Global Investment Research

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