No adjustment in the first half of 2025

CHINA FINANCIAL - Report 21 Jul 2025 by Michael Pettis

Special points to highlight in this issue:

- China’s second quarter GDP surprised modestly on the upside, but headline GDP growth of 5.3% for the first half of 2025 masks continued weakness in domestic demand, falling industrial profits, rising debt, and persistent deflationary pressures.

- The country’s trade surplus is hitting record highs even as property investment slumps and as consumption support remains modest.

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