China policymakers are facing a test of resolve to end addiction to stimulus, with an 18-month campaign against risk starting to hit growth just as a trade war with the US heats up.
While tariff threats dominate headlines, analysts said slowing domestic demand posed an even larger threat to the second-biggest economy.
China exports have remained strong this year despite the rhetoric, increasing 13 per cent in the year to May against 8 per cent growth in 2017.
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