Chine Taux de croissance annuel du PIB

China’s economy expanded 5.2% yoy in Q2 2025, easing from 5.4% in the prior two quarters and marking the weakest pace since Q3 2024. Still, the latest reading narrowly beat market consensus of 5.1%, supported in part by Beijing’s policy measures amid a fragile trade truce. In June, industrial output growth unexpectedly quickened to a 3-month high, while the jobless rate held at a six-month low. However, retail sales grew the least in four months, despite government subsidies on electronic items. On the trade front, exports accelerated as factories rushed out shipments, and imports rose for the first time this year. During H1 of 2025, the economy advanced 5.3%. Growth momentum in H2 is projected to weaken further amid mounting headwinds, including trade tensions ahead of the August 12 tariff deadline, deflation pressures, and a prolonged property downturn. Meanwhile, the statistics agency flagged continued external uncertainties and warned that domestic demand remains “insufficient.”