- China's exports jumped 27% in June, driven by AI chips and record car shipments (monthly auto exports topped 1 million), with integrated circuits flying off the shelves.
- The strong trade data keeps China on track for a second straight >$1 trillion annual surplus and shows manufacturers growing ever more reliant on overseas buyers.
- Domestic demand remains weak — flat retail sales and a protracted property slump — leaving policymakers scrambling for ways to lift internal consumption.
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