Episode Details

China’s manufacturing held steady in May, barely above growth territory, as global energy shocks hit harder elsewhere — but Beijing’s energy resilience and diversified supply chains are shielding it from inflation. Exports remain vital, especially to Europe and Southeast Asia, with US trade hopes rising after recent high-level talks. Domestic demand still lags due to real estate’s slump, while high-end manufacturing and exports provide support. Growth targets of 4.5–5% are likely met, but oil prices and global supply risks remain key watchpoints.

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