毕马威（KPMG）：2026年第二季度中国经济观察报告（英文版）-三个皮匠报告

1、June 2026KPMG.Make the Difference.China EconomicMonitorIssue:2026 Q 2026 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau SAR partnership,and KPMG,a Hong Kong SAR partnership,are member firms of the KPMG

2、 global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2Key takeawaysChinas economy made a strong start to 2026,supported by front-loaded policy easing and resilient external demand.Real GDP grew

3、5.0%year-on-year(YoY)in Q1,accelerating by 0.5 percentage points from Q4 2025 and reaching the upper bound of the official 4.5%5.0%growth target range set at the annual“Two Sessions.”Two structural developments stood out at the start of the year.First,improving domestic supply-demand conditions cont

4、ributed to a recovery in nominal growth.Second,the transition from traditional to new growth drivers accelerated further.On the consumption side,retail sales of consumer goods grew 2.4%YoY in Q1,up 0.8 percentage points from the previous quarter.Consumption recovered gradually,supported by a combina

5、tion of policy measures,including holiday consumption vouchers issued by local governments,cultural and tourism promotion campaigns,and a new round of trade-in programs.Both goods and services consumption showed signs of improvement.Supported by resilient global manufacturing activity,exports grew 1

6、4.7%YoY in Q1,10.9 percentage points higher than the previous quarter.Export growth strengthened across both emerging markets and traditional trading partners.Strong global demand related to the AI supply chain and the energy transition boosted exports of related products.However,the external enviro

毕马威（KPMG）：2026年第二季度中国经济观察报告（英文版）（22页）.pdf

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