中国展望_关税冲击、房地产下行与政策刺激

Global Research August / September 2025 China Economic Outlook Tariff Shock, Property Downturn and Policy Stimulus Ning Zhang, Ph.D. Senior China Economist, Executive Director Tel: +852-2971 8135 Email: ning.zhang@ubs.com This document has been prepared by UBS Securities Asia Limited ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on slide 51 UBS does and seeks to do business with companies covered in its research reports. As ...