China’s first-half 2026 economic figures show why investors need to distinguish growth in activity from growth in shareholder returns. The National Bureau of Statistics reported real GDP growth of 4.7% from a year earlier, with the second quarter expanding 4.3% after 5.0% in the first. Information transmission, software and information-technology services recorded 10.7% growth in value added over the six months. That divergence gives the digital economy a different backdrop from the...
