March 2026 Macro Agent Advisor
Generated: 2026-07-24 17:08 · Sample filter: from 2023-01 · Scope: latest available public-API values
Bottom line
Most high-frequency and monthly indicators improved versus the prior reading; near-term momentum looks steady.
By sector
Sentiment
Official manufacturing PMI at 50.40; rose from prior (49.00) by 1.40, in expansion territory.
Official non-manufacturing PMI at 50.10; rose from prior (49.50) by 0.60, in expansion territory.
Consumption & employment
Retail sales YoY at 1.7%; rose from prior (0.9%) by 0.8 ppt
Investment
FAI YoY at -1.1%; rose from prior (-15.2%) by 14.1 ppt
Manufacturing FAI cumulative YoY at 4.1%; rose from prior (3.1%) by 1.0 ppt
Real estate
Real estate investment cumulative YoY at -11.2%; fell from prior (-11.1%) by 0.1 ppt; the property chain is still in negative growth.
Commodity housing sales area cumulative YoY at -10.4%; rose from prior (-13.5%) by 3.1 ppt; the property chain is still in negative growth.
Supply
Industrial value-added YoY at 5.7%; rose from prior (5.2%) by 0.5 ppt
Trade
Exports YoY at 2.5%; fell from prior (39.6%) by 37.1 ppt
Imports YoY at 28.3%; rose from prior (14.3%) by 14.0 ppt
Prices
CPI YoY at 1.0%; down from prior (1.3%) by 0.3 ppt
PPI YoY at 0.5%; up from prior (-0.9%) by 1.4 ppt
Finance
M2 YoY at 8.5%; down from prior (9.0%) by 0.5 ppt
Social financing increase at 5.22万亿元; rose from prior (2.38万亿元) by 2.84万亿元
New RMB loans MoM YoY at -17.6%; fell from prior (29.6%) by 47.1 ppt
Fiscal
Fiscal revenue MoM YoY at 6.9%; rose from prior (-25.0%) by 31.8 ppt
Cross-checks
CPI (1.0%) is above PPI (0.5%); downstream prices look steadier than industrial prices—watch margins with revenue.
Exports YoY 2.5%, imports YoY 28.3%; imports more resilient / external demand softer.
M2 YoY 8.5%, social financing 5.22万亿元; check whether credit growth matches the quantity signal.
Industrial value-added YoY 5.7%, manufacturing PMI 50.4; output and survey sentiment can cross-validate.
Watch next month
Prices: can CPI/PPI improve together, avoiding “stable volume, weak prices”?
Property: do sales and investment cumulative YoY converge; do funding sources stabilise?
Credit: social financing / loan mix (corporate vs household) and pass-through to the real economy.
External demand: do exports YoY and shipping gauges (e.g. BDI) move together?
Data snapshot
| Sector | Indicator | Latest | Prior | Change |
|---|---|---|---|---|
| Consumption & employment | Retail sales YoY | 1.7% | 0.9% | +0.8pt |
| Investment | FAI YoY | -1.1% | -15.2% | +14.1pt |
| Investment | Manufacturing FAI cumulative YoY | 4.1% | 3.1% | +1.0pt |
| Real estate | Real estate investment cumulative YoY | -11.2% | -11.1% | -0.1pt |
| Real estate | Commodity housing sales area cumulative YoY | -10.4% | -13.5% | +3.1pt |
| Supply | Industrial value-added YoY | 5.7% | 5.2% | +0.5pt |
| Prices | CPI YoY | 1.0% | 1.3% | -0.3pt |
| Prices | PPI YoY | 0.5% | -0.9% | +1.4pt |
| Finance | M2 YoY | 8.5% | 9.0% | -0.5pt |
| Finance | Social financing increase | 5.22万亿元 | 2.38万亿元 | +28403 |
| Finance | New RMB loans MoM YoY | -17.6% | 29.6% | -47.1pt |
| Trade | Exports YoY | 2.5% | 39.6% | -37.1pt |
| Trade | Imports YoY | 28.3% | 14.3% | +14.0pt |
| Sentiment | Official manufacturing PMI | 50.40 | 49.00 | +1.40 |
| Sentiment | Official non-manufacturing PMI | 50.10 | 49.50 | +0.60 |
| Fiscal | Fiscal revenue MoM YoY | 6.9% | -25.0% | +31.8pt |
Disclaimer
This page is auto-generated by MeShare Agent from public interfaces to aid reading the Data Dictionary / Charts Gallery. It does not constitute investment advice. Source revisions or release lags may briefly desync the brief from the latest prints; see the Data Dictionary for fetch details and definitions.