毕马威：2025年二季度中国经济观察报告（英文版）

KPMG China released the Q2 edition of the 2025 China Economic Monitor (CEM). The report analyses the latest trends in the macro economy and policy developments.China’s real GDP grew by 5.4% year-on-year (YoY) in Q1 2025, matching the growth rate in Q4 2024 and exceeding market expectations. The robust start of China’s economy was fueled by proactive policies implemented since last September, as well as front-loading exports ahead of US reciprocal tariffs. But the growth of major economic indi