China's June Exports Surge, Q2 GDP Outlook Remains Key Event Risk

China's exports surged 27% year-over-year in USD terms in June, accelerating from 19.4% in May and exceeding market expectations, with particular strength noted in high-tech exports. However, growth remains uneven, as domestic demand continues to be soft. The upcoming release of China's Q2 GDP is highlighted as a key event risk, with market consensus expecting growth to slow to 4.5% year-over-year from 5.0% in Q1. A weaker-than-expected GDP print would likely reinforce concerns over domestic demand and weigh on regional growth sentiment.