Asia Pacific Economic Research J P M O R G A N Haibin Zhu (852) 2800-7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Grace Ng (852) 2800-7002 grace.h.ng@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Tingting Ge (852) 2800-0143 tingting.ge@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Tongfang Yuan (852) 2800-0085 tongfang.yuan@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch China: 2025 Mid-year economic outlook We have emphasized three themes in China' ...