The Keqiang index as an alternative to GDP

The Keqiang index, comprising the growth in railway freight, power consumption and bank loans, has been used widely as an alternative to China’s notoriously mistrusted GDP growth figure. More recently, many experts have argued that the index has not captured the transformation of China’s economy towards a more technology- and service-driven one, thereby gradually losing its meaningfulness. However, under the current circumstance of large-scale fiscal stimulus and the re-emerging issue of economic data reliability, the Keqiang index might see a revival as a powerful tool to decipher the real dynamics of the Chinese economy. ​

Last updated: 24. July 2025