China Economic Quarterly Q3 2023

China's GDP increased by 4.9% in Q3 2023, and 5.2% in the first three quarters.

This issue provides an overview of the macroeconomic trends in Q3 2023, some policy updates and hot topic analysis.

china economic quarterly q1 2023


china economic quarterly q2 2022

Here are some macro-economic highlights:

  1. Total GDP reached 91.3 trillion yuan with 5.2% in the first three quarters
  2. Total fixed asset investment reached 37.5 trillion yuan, a 3.1% increase
  3. Total real estate investment reduced by 9.1% to 8.7 trillion yuan
  4. PMI improved slightly in Q3 and reached above 50%
  5. Industrial added values rose by 4.5%
  6. Total retail sales of consumer goods increased by 6.8% to 34.2 trillion yuan
  7. Imports and exports decreased by 0.2% to 30.8 trillion yuan
  8. PPI dropped by 3.1% and CPI increased by 0.4% 

Policy updates

Growth of aggregate financing to the real economy increased by 9% in the first three quarters

According to the People's Bank of China (PBOC), the total aggregate financing to the real economy (AFRE) increased by 29.33 trillion yuan in the first three quarters, up 1.41 trillion yuan YoY. By the end of Q3, total AFRE reached 372.5 trillion yuan, up 9% YoY. 

Fiscal revenue increased by 8.9% while fiscal spending grew by 3.9%

According to the Ministry of Finance, national fiscal revenue increased by 8.9% YoY to 16.67 trillion yuan in the first three quarters. This steady growth in government revenue is mainly due to the sustained economic recovery witnessed since the beginning of this year. It is also influenced by the low base established due to the implementation of large-scale VAT rebate policy last year.

Hot topic analysis: Highlights of the recent development of China’s digital economy

China’s digital economy showcases a robust and multifaceted growth trajectory, driven by technological innovation mostly conducted by enterprises, supportive government policies, and a forward-thinking approach to digital integration. China’s journey towards a comprehensive and advanced digital economy, as outlined in this article, is a testament to its strategic foresight and adaptability in the face of global economic shifts.


  • China’s digital economy continued to grow robustly despite global turbulence over the past three years, with an average annual growth exceeding 10% from 2020 to 2022.
  • By the end of 2022, there were 1.273 million valid patents registered in the core industries of the digital economy.
  • Emerging telecom segments such as cloud computing, big data, and IoT exhibited rapid growth.
  • The electronic information manufacturing industry experienced a slowdown in 2023, with a 3.4% decline in revenue compared to 2022.
  • China has become a global leader in computing power infrastructure, driven by rapid development in digital infrastructure and data resources.
  • Future development is focused on enhancing digital infrastructure, data resources, and security along with fostering deeper integration of digital technology across various sectors of the economy.

Contact us

Elton Yeung

Vice Chairman, PwC China

Tel: +[86] (10) 6533 8008

Thomas Leung

Managing Partner - Markets, PwC China

Tel: +[86] (10) 6533 2838 / +[852] 2289 8288

Follow us