China Economic Monitor: 2026 Q1

KPMG in China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

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The report points out that in 2025, China’s economy recorded total output of RMB 140 trillion, with real GDP growth of 5.0%, meeting the official growth target for the year. However, growth momentum moderated in Q4, as real GDP grew by 4.5% year-on-year (YoY), down 0.3 percentage points from the previous quarter. External demand became the primary driver of growth in Q4, while consumption and investment remained subdued, continuing the weakness seen in Q3.