China's naphtha imports will hit record levels this year as new plants and caution over U.S. propane and ethane purchases will drive demand and support refiners' margins for the petrochemical feedstock,

Article in top political journal reiterates argument that China supports globalisation in age of heightened protectionism.

The rate, which slightly exceeded the 5.1 per cent average estimate from analysts polled by Reuters, positions Beijing to hit its full-year target of about 5 per cent. It shows how China has been able to keep growth on track through exports and investment even as it struggles with weak demand at home.

Since US President Donald Trump – just days into his second term – began imposing tariffs on China for its role in the flow of deadly opioids like fentanyl into the United States, Beijing’s message has been clear.

Beijing’s pervasive and predatory practices have distorted global manufacturing for almost two decades and undermined faith in the multilateral trading system.

External demand continues to support Chinese economic growth, as the first-half trade surplus surged to a new high of $586bn.

China’s corporate earnings growth likely slowed or was stagnant in the second quarter as the US ratcheted up trade tariffs, signaling that the latest results season may not offer much in terms of good news for stock investors.

U.S. President Donald Trump ratchet up tariffs on Chinese imports to a prohibitive level of 145%, spurring a round of stimulus measures from Beijing.