Overview

• China’s economy grew 5.2% year-on-year in Q2, bringing first-half expansion to 5.3% and exceeding the official 5% target
• Exports surged following a mid-May US tariff truce, driving a record $586 billion trade surplus in the first six months
• Retail sales growth slowed to 4.8% in June from 6.4% in May, underscoring a loss of consumer momentum
• Real estate investment plunged 11.2% in H1, marking a sharper downturn in the property sector
• Officials have signaled limited urgency for additional stimulus and will await policy directions from the upcoming Politburo meeting