Hi everyone. I’m Stephanie LI.

Coming up on today’s program

• China's H1 GDP expands 5.3%, demonstrating resilience amid complex global environment;
• Jenson Huang said in Beijing that Nvidia's H20 chips are cleared for sales to Chinese market.

Here’s what you need to know about China in the past 24 hours

China's GDP grew by 5.3 percent year-on-year in the first half of 2025 to CNY 66.05 trillion, showcasing a steady economic rebound backed by supportive macroeconomic policies, the National Bureau of Statistics said on Tuesday. 

In the second quarter, the economy rose by 5.2 percent in comparison to a year earlier after a 5.4 percent growth in the first quarter of the year. 

China's value-added industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, grew by 6.8 percent in June from a year earlier after a 5.8 percent rise in May. In the first half of the year, value-added industrial output grew by 6.4 percent compared to the same period last year. 

Retail sales, a key measurement of consumer spending, grew by 4.8 percent year-on-year in June, down from the 6.4 percent growth in May. In the first half of the year, retail sales rose by 5 percent compared to the same period last year. 

In the January-June period, fixed-asset investment, a gauge of expenditures on items including infrastructure, property, machinery and equipment, grew by 2.8 percent compared with a year earlier. 

The surveyed urban jobless rate came in at 5 percent in June, flat with the previous reading, according to the NBS. 

Generally speaking, with the more proactive and effective macro policies taking effects in the first half of the year, the national economy maintained steady growth with good momentum, showcasing strong resilience and vitality, said Sheng Laiyun, deputy head of the NBS. 

However, the official warned of pressures from mounting external uncertainties and insufficient domestic demand, saying the foundation for sustained recovery is yet to be consolidated. 

In the next step, the NBS that China will cope with external uncertainties with high-quality development, and make more efforts to promote the sustainable, stable and healthy development of the economy. 

• The decline in the prices of commercial residential homes in China's 70 major cities continues to ease in June, official data showed on Tuesday. New home prices dropped 1.4 percent from a year earlier in the four first-tier cities, slowed from the 1.7 percent decline in May, according to the NBS. Notably, Shanghai recorded a 6 percent year-on-year increase in new home prices last month. Second- and third-tier cities saw new home prices fall by 3 percent and 4.6 percent year on year in June, with the declines narrowing by 0.5 and 0.3 percentage points, respectively. 

GBA express

• Bond sales in Hong Kong dollars surged in the second quarter as issuers rushed to raise funds after currency interventions in the city drove down short-term borrowing costs to nearly zero. Hong Kong dollar bond issuance jumped to a record HK$1.28 trillion in the April to June period, according to Bloomberg data. The bond sales were up about 20 percent from the previous quarter.

Industry and company news

• Nvidia CEO Jensen Huang said the US government has granted export permits of its H20 chips to China and will begin the shipment soon, China's state broadcaster CCTV reported. Huang made the remarks in Beijing, as he is set to attend the opening ceremony of the 3rd China International Supply Chain Expo (CISCE) in Beijing on Wednesday and participate in relevant activities at the invitation of the China Council for the Promotion of International Trade (CCPIT), CCTV reported on Tuesday. This is Huang's third visit to China in 2025. Another Chinese media reported Monday that Huang appeared in two photos with Lei Jun, chairman of Chinese tech giant Xiaomi, taken in Beijing. One of the images captured the pair standing beside a Xiaomi SU7, flashing thumbs-up at the camera.
• China's finance ministry yesterday issued two batches of ultra-long special treasury bonds worth CNY123 billion. A total of CNY1.3 trillion such bonds -- CNY800 billion for key projects, CNY300 billion for trade-in schemes, and CNY200 billion for equipment updates -- are expected to be issued this year.
• CATL's unit has inked a deal with online ride-hailing service provider T3 Mobility to jointly advance a Robotaxi business using the Chinese battery giant's Bedrock skateboard chassis platform, with the firm also providing EV tech solutions, including battery swaps for T3.
• Xpeng Aeroht, the flying car arm of Chinese NEV startup Xpeng Motors, announced today it has completed a USD250 million Series B round. The funds will support ongoing R&D and speed up mass production of its modular flying car, the “Land Aircraft Carrier.”
• Starbucks China said yesterday it partnered with China Eastern Airlines to launch a joint membership plan for nearly 200 million combined members. The pair will also collaborate on Yunnan coffee, cultural tourism, and sustainable development initiatives.

Asia-Pacific highlights

• New Zealand on Monday launched a strategy to become a leading destination for international students, aiming to double the sector's economic contribution to NZD7.2 billion by 2034. The plan includes enhanced work rights for student visa holders, streamlined visa processes and targeted global promotion. Last year the average international student spent NZD45,000, according to the Education Ministry.
• Australian Prime Minister Anthony Albanese's weeklong official visit to China reflects the close economic ties between the two countries and offers opportunities for greater cooperation in emerging sectors amid global challenges, according to Australian academic analysis. Professor James Laurenceson, director of the Australia-China Relations Institute at the University of Technology Sydney, told Chinese media that at a time of rising geopolitical tensions globally, Australia-China relations take on greater significance. "Businesses engaged in the Australia-China economic corridor report that they have benefited from the stabilization in Australia-China relations since 2022," he said. Climate change and the clean energy transition is another area that will expectedly get a lot of coverage given the two countries' shared interests in that space, Laurenceson added.

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC