According to CoinMeta, Beijing's export engine performed steadily driven by the demand from AI, with exports in July exceeding expectations, although the growth rate slowed down compared to June. This indicates that China's manufacturing industry is still seeking external demand, despite weak domestic consumption, and the quarterly GDP growth was the lowest since the end of 2022. The trade surplus remained at around $112 billion, exceeding analysts' forecast of $107 billion. Global demand for high-tech components continues to absorb Chinese goods, despite intensified trade frictions with the United States. In July, exports increased by about 23% year-on-year, while imports grew by about 27.5%.