Citi‘s Most Read – Pan Asia

Research evidence excerpt

Citi‘s Most Read – Pan Asia

Roundup |

Citi's Most Read - Pan Asia

July 13 - July 19 20 Jul 2026 07:23:09 ET

ACMacro/Strategy | Sector/Stock Citi Asia Research

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This report presents our most-read research reports over the last 7 days, ordered

based on readership for each of the sections below.

Macro/Strategy

China Economics - All Eyes on Incremental Policies Following the 26Q2 GDP

Miss

We trim our full year growth forecast to 4.6%YoY from 4.7%YoY previously

following the miss in 26Q2. The quarterly rate came in at 4.3%YoY, the lowest rate

since 2023. Headline resilience is not assured in the K-shaped economy despite

the solid run in AI-led production and export cycle. We expect incremental policies

to drive a mild rebound ahead, including a potential 10bps rate cut from the PBoC

as soon as this July and an acceleration in fiscal policy deployment. The upcoming

Politburo meeting (held on 30th last year) could provide more policy signals. We are

cautious about the actual pace of rebound, however, as extreme weather events

could cause further supply disruptions over the summer.

Xinyu Ji | Xiangrong Yu

We trim our full year growth forecast to Acceleration in local government bond special

4.6%YoY after the miss in 26Q2 and expect a issuance in June hasn’t translated into

mild rebound ahead investment yet

%YoY China GDP Growth RMB bn Net Financing of New Local Gov Special Bonds

25 5000

10 3000

5 2000

-5

-10 0

18 19 20 21 22 23 24 25 26 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Real GDP Nominal GDP 2026 2025 2024 2023

China Economics - AI Supercycle Powers a Structural Export Upswing

China’s trade growth surprised sharply to the upside in June. Export

outperformance was driven primarily by robust demand for AI hardware and