瑞银：中国经济展望-上调 2025 年GDP预测，但下半年面临更多阻力

Q2 GDP growth stayed robust at 5.2% YoY (vs 5.4% in Q1). Deflation pressures intensified, with a larger decline of the GDP deflator (-1.2% YoY). Resilience in Q2 was supported by better retail sales on trade-in subsidies and solid exports, partly on front- loading of shipments. Meanwhile, the property downturn continued, while FAI growth decelerated across the board despite strong equipment purchases. Industrial production growth edged down in Q2, while service value-added growth improved. June data showed ...