China’s economy slowed in the second quarter even as it topped market forecast in a show of resilience against U.S. tariffs, though analysts warn of underlying weakness and rising risks that will ramp up pressure on Beijing to roll out more stimulus.

China’s Q2 GDP growth met government targets at 5.2% YoY, but the recovery remains uneven beneath the headline numbers. High-tech manufacturing and services are driving growth, while real estate and retail sectors continue to struggle, highlighting structural challenges.

The rate, which slightly exceeded the 5.1 per cent average estimate from analysts polled by Reuters, positions Beijing to hit its full-year target of about 5 per cent. It shows how China has been able to keep growth on track through exports and investment even as it struggles with weak demand at home.