Core Viewpoint - Despite the impact of Trump's tariff policies, U.S. consumers continue to spend actively, with June retail sales showing a surprising rebound, alleviating concerns about consumer spending tightening [1][3]. Group 1: Retail Sales Performance - U.S. retail sales in June increased by 0.6% month-over-month, surpassing expectations of 0.1% and reversing a decline of 0.9% in the previous month [4]. - Excluding automobiles, retail sales rose by 0.5%, against an expected increase of 0.3% and a prior decrease of 0.2% [4]. - Retail sales excluding automobiles and gasoline also saw a 0.6% increase, exceeding the anticipated 0.3% [4]. Group 2: Consumer Spending Insights - In June, 10 out of 13 major retail categories experienced growth, with automotive sales rebounding after two months of decline, indicating strong consumer spending on key goods [3][6]. - The "control group" retail sales, which directly contribute to GDP calculations, also rose by 0.5% month-over-month, leading to a year-over-year growth of 4.0%, further confirming the resilience of consumer spending [6]. Group 3: Economic Context - The strong retail sales data contrasts with previous "soft data" surveys that reflected pessimistic sentiment, suggesting that actual consumer spending behavior is more positive and robust than perceived [7]. - Adjusting for inflation, the estimated "real" retail sales have shown year-over-year growth for nine consecutive months, indicating that U.S. consumers' purchasing power remains on an upward trend despite rising prices [11].

Group 1 - The core viewpoint of the article is the preliminary calculation results of China's GDP for the second quarter and the first half of 2025, indicating a steady growth trend in various sectors [1][2][3] - The total GDP for the second quarter of 2025 is reported at 34,177.8 billion yuan, with a year-on-year growth of 5.2% [2] - The GDP for the first half of 2025 stands at 66,053.6 billion yuan, reflecting a growth of 5.3% compared to the same period last year [2] Group 2 - The primary industry, which includes agriculture, forestry, animal husbandry, and fishery, recorded a GDP of 19,459 billion yuan in Q2 2025, growing by 3.8% year-on-year [2] - The secondary industry, encompassing manufacturing and construction, achieved a GDP of 127,147 billion yuan in Q2 2025, with a growth rate of 4.8% [2] - The tertiary industry, which includes services, reported a GDP of 195,172 billion yuan in Q2 2025, showing a growth of 5.7% [2] Group 3 - The manufacturing sector specifically saw a GDP of 87,771 billion yuan in Q2 2025, with a notable growth of 6.5% [2] - The construction industry, however, faced a decline with a GDP of 23,781 billion yuan, reflecting a decrease of 0.6% [2] - The information transmission, software, and IT services sector experienced significant growth, with a GDP of 18,750 billion yuan and a year-on-year increase of 11.8% [2] Group 4 - The financial industry reported a GDP of 25,737 billion yuan in Q2 2025, growing by 5.8% year-on-year [2] - The real estate sector maintained a GDP of 21,072 billion yuan, with a stagnant growth rate of 1.0% [2] - The wholesale and retail trade sector achieved a GDP of 35,129 billion yuan, reflecting a growth of 6.0% [2]

Economic Performance Summary - The economic performance of 31 provinces in mainland China for the first quarter has been officially released, with Guangdong province leading at a GDP of 33,525.51 billion yuan, showing a year-on-year increase of 4.1% [1][2] - Jiangsu province follows closely with a GDP of 33,088.6 billion yuan, reflecting a growth rate of 5.9% [2] - Shandong and Zhejiang provinces both exceeded 20,000 billion yuan in GDP, while Sichuan reached 15,246.92 billion yuan and Henan approached 15,000 billion yuan [2] GDP Calculation Discrepancies - The total GDP reported for the 31 provinces sums to 316,673.6 billion yuan, which is lower than the national GDP figure of 318,758 billion yuan, resulting in a discrepancy of 2,084.4 billion yuan [4] - The difference arises because provincial GDP calculations are based on "administrative territory," while national GDP includes economic activities in "economic territory," such as activities in international waters and other regions not accounted for at the provincial level [6][10] Centralized Economic Activities - Centralized economic activities, including those from national institutions, contribute to the national GDP but may not be easily allocated to specific provinces, ensuring a more accurate representation of the overall economic output [10][12] - The shift towards a more standardized approach in GDP calculation aligns with international practices, moving away from previous methods that often resulted in inflated provincial GDP figures [12]