安永：2026年中国年中经济回顾：在波动和分歧中勇往直前（英文版）

Gross domestic product (GDP) posts five-year high incremental growth amid a pronounced K-shaped economic pattern: China’s GDP totaled RMB69.57 trillion in the first half of the year (H1), rising4.7%year-on-year (YoY)1 and recording its biggest incremental increase over the past five years for the same period. Real GDP growth moderated to 4.3%in the second quarter (Q2), while improved price indicators pushed nominal GDP growth to 5.9%.2 The GDP deflator turned positive for the first time in 12