Official figures showed modest growth in the second quarter as exports shifted to other countries and Beijing invested in manufacturing and infrastructure.

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 has shown itself to be more resilient against tariffs than many expected. But stockpiling, supplier renegotiations, and the tariff truce with the US may have only delayed the pain. Domestic demand remains the Achilles’ heel,