Q2 GDP growth is nowcast at a moderate 1.7%, supported by a rebound in June retail sales. Consumer resilience remains strong, but uncertainty looms over tariffs and potential price hikes in the second half.

China has set an ambitious full-year growth target of around 5%. The National Bureau of Statistics data revealed that the country's GDP grew by 1.1% in the April-June period on a quarterly basis. This was higher than the forecasted 0.9% increase but slightly lower than the previous quarter's 1.2% gain.

China's economy grew 5.2% in the second quarter from a year earlier, official data showed on Tuesday, beating analysts' expectations by a touch and showing resilience in the face of U.S. tariffs. Analysts polled by Reuters had forecast second-quarter gross domestic product (GDP) would expand 5.