H2 China macro theme is a controlled recovery. To reach the full-year growth target, faster fiscal-policy execution is essential and incremental fiscal measures should be deployed if necessary; policy resources must be better converted into jobs and income to lift consumption and private investment. Q2 growth slowed, but 1H GDP rose 4.7% YoY, leaving a solid base for the annual target.

2026-07-30

H2 China macro theme is a controlled recovery. To reach the full-year growth target, faster fiscal-policy execution is essential and incremental fiscal measures should be deployed if necessary; policy resources must be better converted into jobs and income to lift consumption and private investment. Q2 growth slowed, but 1H GDP rose 4.7% YoY, leaving a solid base for the annual target.