September 3, 2025 09:50 AM GMT Investor Presentation | Asia Pacific M Foundation China Economics: Narrative Shift vs. Reality Check Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 For important disclosures, refer to the Disclosure Section, located at the end of this report. M Slower Growth in 2H, Persistent Deflation Real GDP growth to reach 4.8% in 2025, with slowdown expected in 2H Gradually improving, but continued deflation -4 3.0 3.5 4.0 4.5 5.0 ...