J P M O R G A N Asia Pacific Economic Research 15 July 2025 China: 2Q GDP came in modestly above expectations Structural imbalances overshadow growth concerns in the near term China's 2Q GDP report came in better than expected. Real GDP growth was regsitered at 5.2%oya (JPM and consensus: 5.1%oya), which translated into sequential growth of 4.1%q/q saar (vs. 5.6%q/q saar in 1Q). This is not surprising, as we have warned of a risk bias to the upside to our 2Q growth forecast. In nominal terms, GDP growth dec ...