China’s economy slowed in the second quarter even as it topped market forecast in a show of resilience against U.S. tariffs, though analysts warn of underlying weakness and rising risks that will ramp up pressure on Beijing to roll out more stimulus.

Why have the data released this week surprised global analysts for the second time in two quarters? What domestic and external challenges does China’s economy face, and how has it managed them?

Following the release of China's first-half economic data, major foreign financial institutions, including UBS, Morgan Stanley, Goldman Sachs, and Nomura, have revised up their 2025 full-year GDP growth forecasts for China,