Haibin Zhu Chief China Economist +852 2800 7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank N.A., Hong Kong Grace Ng Greater China Senior Economist +852 2800 7002 grace.h.ng@jpmorgan.com JPMorgan Chase Bank N.A., Hong Kong Economic Research May 2025 US-China Tariff De-escalation 1 {[{xTcfaSlj-ZSQMv-ljRpIMwGzXxb6rqz1qfzQpSq_KChQSSrQEzvkmQ}]} Three themes to understand the Chinese economy in 2025 Pro-growth Policy ⚫ Policy shift since September 2024: Entering the second half in 2025 ⚫ Boosting domestic demand ...