Fathom sees China’s growth in 2025 underperforming the ‘around 5%’ target, as ongoing domestic weakness and external headwinds weigh on activity; recent tariff developments are likely to increase the pressure New engines of growth are needed; rebalancing towards the consumer could in theory be such an engine in the longer term, but seemingly not one that China’s policymakers wish to switch on Instead, focus still appears to be directed at manufacturing — in particular, increasing China’s self-sufficiency in key goods,