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China’s Strategy in Global Foreign Direct Investment Governance
India’s Economic Ascent: Comparisons and Contrasts with China
China’s Economic Trajectory: Unpacking Macro Trends and Structural Shifts
The Myth of US Dollar Dominance in Japanese Exports: New Evidence from Japanese Customs Level Data
Internationalisation of the Renminbi: Status and Prospects
From Words to Markets: How US-China Tensions Shape Business Behaviour and Expectations

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    No. 93

    China’s Economic Trajectory: Unpacking Macroeconomic Trends and Structural Reforms

    Alfred SCHIPKE (席睿德), HUANG Yiping (黄益平) and GUO Kai (郭凯), 11 July 2025

    In early 2025, China’s economy regained some momentum after facing significant headwinds in 2024, when reduced fiscal spending and a sharp property downturn weakened aggregate demand. Policy actions, including a sweeping plan to resolve hidden local government debts and calibrated monetary easing, helped stabilise growth by late 2024 and carried strength into 2025. In the near term, these measures underpinned solid gross domestic product (GDP) and industrial output during the first few months in 2025, supported by early signs of property market stabilisation and resilient household consumption. Yet persistent low inflation, cautious private investment and heightened external risks from US tariffs underscore the fragility of the macroeconomic recovery, which remains uneven and vulnerable to shocks.


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