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.

Companies redirected exports through other countries to avoid U.S. tariffs, and policymakers turned up investment in manufacturing and infrastructure.

External demand continues to support Chinese economic growth, as the first-half trade surplus surged to a new high of $586bn.