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China Activity Proxy

The China Activity Proxy

What official GDP data isn’t telling you about the China growth story

Now, more than ever, you need to understand what’s really happening in the Chinese economy. Even as the Chinese economy’s global importance has grown, decision makers still struggle to get an accurate picture of the health of activity on the ground in China because of well-known concerns around the quality of official data. 

That’s why our economists designed the China Activity Proxy. Created independently of official data, the CAP gives global investors and businesses the clearest and most timely picture of underlying economic activity in the world’s second biggest economy. 

With more than two decades of historical data, monthly updates and sectoral breakdowns all delivered via a fully interactive data dashboard, the CAP has become one of the most closely watched China indicators in the market. Take a look below to learn more about the CAP and our interactive dashboard. 

Developments in China are absolutely key for our business and there is no source we trust and lean on more than Capital Economics on China matters. We have used Capital Economics’ China service for several years now, and highly appreciate the unbiased and easy-to-digest analysis. Among Capital Economics' strengths are the depth of coverage of long-term trends and the combination of these with comments on near-term data.
Norden
Morten Aarup
Head of Market Research, Norden

China Activity Proxy dashboard

The dashboard offers a comprehensive view of the China Activity Proxy, comparing it with official GDP data through quarterly, yearly, and sectoral breakdowns, along with forecasts up to 2026.

Explore the dashboard (client-exclusive)

Why do our clients and partners rely on the China Activity Proxy?

An Independent View

Asset allocators rely on the China Activity Proxy because they know that it gives them an independent, accurate view of what’s really happening in the Chinese economy without the noise and bias of official GDP data.

A More Accurate Growth Picture

Accurate Chinese demand signals are critical for global business. Sectoral breakdowns in the China Activity Proxy provide the granularity that decision makers need to assess which industries are driving economic activity.

An Unbeatable Track Record

With nearly 25 years of data, the China Activity Proxy has become one of the most followed independent measures of China’s economy. The Wall Street Journal, The Economist and many more global media outlets have recognised its effectiveness.

Unmatched Data and Insight

The China Activity Proxy helps drive our award-winning analysis of the world’s second biggest economy. This combination of data and insight empowers global investors and businesses to make informed decisions and drive profitable outcomes.
China Activity Proxy

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Learn more about our award-winning China coverage

Our China coverage provides detailed analysis, independent forecasts, and economic outlooks for China’s economy and financial markets. We offer rapid responses to new data and developments, along with in-depth coverage of key themes, current trends, and future economic dynamics.

Read more about our China economy coverage