2025 gets off to a slower start than 2024 ended

In the fourth quarter, Chinese economic growth ultimately exceeded expectations (+5.4% year-on-year). Strong foreign trade offset the decline in domestic demand. In December, exports grew by nearly 11% year-on-year. The trade surplus reached a record high of $104.8 billion, including $33.5 billion with the United States. This shows that despite its very gradual transition to a post-industrial model (focused on domestic consumption), the country still relies on its historical model.