AI Data Insight
China's nominal YoY growth rate of the national median per capita disposable income for Q2 2026 (cumulative for H1) dropped to 4.7%, lower than the previous quarter's 5.0% and underperforming the average income growth. Detailed data shows that net property income nearly stagnated, dragged down by the real estate slump, putting the consumption momentum of low- and middle-income groups to the test. The scale of subsequent official fiscal stimulus will become the focus of the market.