J P M O R G A N Asia Pacific Economic Research 22 September 2025 Global Data Watch: Asia China domestic demand continues to underwhelm, underscoring case for more policy support Summary Even as the contribution from exports to growth continues to wane, domestic demand underwhelmed for a second month thereby accentuating the slowdown observed in this quarter. August retail sales softened as the impact of trade-in subsidies faded and consumer confidence remained weak. Industrial production moderated and fixed ...