China posted a $125.6 billion trade surplus in June. GDP grew 4.3% year‑over‑year in the second quarter, down from 5.0% in the first quarter and below the 4.5% forecast. Quarterly growth was 0.9%. The National Bureau of Statistics reported June exports rose 20.8% and imports rose 29.4% year‑over‑year. Total trade for the first half of the year increased 16.9% to 25.47 trillion yuan, with exports up 13.4% and mechanical and electrical exports up 20.1%, accounting for 63.5% of goods trade. Private enterprises represented 57% of trade, and trade with Belt and Road partners rose 14.8%. Fixed‑asset investment fell 5.7% in the first half, infrastructure investment fell 2.4%, manufacturing investment fell 1.2%, and real‑estate development investment fell 18%. Retail sales rose 1.3%, private investment dropped 8.5%, and investment in high‑tech industries rose 4.6%, driven by growth in aerospace, computer and office equipment, and information services. The surplus reflects strong external demand for higher‑value industrial goods but does not offset weak domestic consumption, declining property sales, and limited household confidence. Analysts say the trade surplus acts as a pressure valve, allowing factories to remain active while domestic demand remains constrained. Policy makers are expected to address the slowdown at the Politburo meeting in late July, weighing targeted industrial support against broader measures to stimulate household spending and manage debt.