普华永道：2025年第1-2季度中国经济观察报告（英文版）

China's economy remained broadly stable in the first half of 2025, despite pockets ofvolatility driven by external uncertainty and trade tensions. GDP grew by 5.3% year-on-year, exceeding the official target and putting full-year growth on track, The expansionwas supported by robust manufacturing activity and a strengthening services sector,reflecting a gradual rebalancing that is essential for navigating global headwinds.Exports held up well, even as shipments to the US declined. The dro