摩根士丹利：中国经济-准备好应对下半年经济增长放缓8

July 15, 2025 04:47 AM GMT China Economics | Asia Pacific Buckle Up for 2H Growth Slowdown Key Takeaways Wider divergence between real and nominal GDP in 2Q: Real GDP still held up well at 5.2%Y (5.4% in 1Q) on front-loaded production and shipment to the US, as well as strong fiscal support to infrastructure and consumption trade-ins (~60% of annual govt. bond quota has been used in 1H). In contrast, nominal GDP slipped 0.7pp to 3.9%Y (the first <4%Y growth since Covid), given deepened deflation amid tariff ...