A screen shows figures of gross domestic product (GDP) in Shanghai, China, on July 15, 2025. Hector Retamal/AFP via Getty Images
Commentary
A Mirage in Metrics
China’s official narrative of economic recovery in 2025 is a masterclass in illusion. The government touts a 5 percent GDP growth rate for the first half of the year, and surface-level indicators suggest a rebound from pandemic-era stagnation.
But behind the decorative veneer lies a brittle economic structure—defined by debt dependency, chronic deflation, and engineered opacity. For global markets and policymakers, the danger isn’t just the fragility itself—it’s the persistent misreading of China as a stable, predictable economic partner.
