5.3% Expected vs. Reality

In the first half of the year, China's economic growth rate was 5.3%, demonstrating resilience, especially in the context of international economic and trade struggles. The proportion of GDP to the United States has risen, and the urgency for short-term policy intensification has decreased, making it not too difficult to achieve the annual target of 5%. However, the risk of economic operation showing divergence still needs attention, particularly regarding the decline in real estate prices and the weakening of policy strength. The nominal GDP growth rate has slowed, and it is expected that "anti-involution" will become an important topic at the Politburo meeting in July, with consumption potentially experiencing fluctuations under base pressure