'U-shaped' pattern in economic growth

In recent years, China's economic growth has exhibited a "U-shaped" pattern, with strong momentum in the first quarter, slight pressure in the second, growing downward pressure in the third and a rebound in the fourth.

This trend is largely driven by slower domestic momentum and rising external headwinds. The first quarter benefits from early implementation of fiscal and monetary stimuli, along with accelerated projects launched by local governments and State-owned enterprises.

In the second quarter, growth tends to slow due to soft domestic demand and external shocks. Major policy easing introduced in the third quarter helps lift growth for the remainder of the year.