According to China’s National Bureau of Statistics (NBSC), activity slowed slightly in Q1 2025 (+1.2% after +1.6% in Q4 2024) but remained sustained year on year (+5.4%, the same pace as in Q4 2024). Activity was again boosted strongly by foreign trade (contributing +2.1 points to year-on-year growth): Chinese exports rose by 2.0% in Q1 2025 (after +4.0% at the end of 2024), driven chiefly by increased sales to other Asian countries, probably as a result of bypass strategies to gain access to the United States. At the same time, domestic demand remained sluggish compared with its trend of the last twenty years: it has risen at an annual rate of around 3% for the last three quarters... .