1、Strategic Research06 August 2025J P M O R G A NJ.P.Morgan Perspectives Made in China 2025:Mission largely accomplishedEmerging Markets Asia Economic and Policy Research Tingting Ge ACJPMorgan Chase Bank,N.A.,Hong Kong Branch Asia Pacific Economic Research Wendy Liu ACJ.P.Morgan Securities(Asia Pacif

2、ic)Limited/J.P.Morgan Broking(Hong Kong)LimitedChair of Global ResearchJoyce Chang ACJ.P.Morgan Securities LLCEmerging Markets Asia Economic and Policy ResearchTongfang Yuan ACJPMorgan Chase Bank,N.A.,Hong Kong Branch Asia Pacific Emerging Markets Research Tiffany Wang ACJ.P.Morgan Securities(Asia P

3、acific)Limited/J.P.Morgan Broking(Hong Kong)LimitedAsia Pacific Equity ResearchAlex Yao ACJ.P.Morgan Securities(China)Company LimitedAsia Pacific Equity Research Nick Lai ACJ.P.Morgan Securities Singapore Private Limited/J.P.Morgan Securities(Asia Pacific)LimitedStrategic Research Amy Ho ACJ.P.Morga

4、n Securities LLCStrategic Research Zahin OvACJ.P.Morgan Securities LLCSee page 21 for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware tha

5、t the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.206 August 2025Executive SummaryWe present a final J.P.Morgan Perspectives in our Made in China 2025 series,fe

6、aturing an interview with Haibin Zhu,J.P.Morgans outgoing Chief Economist for China and Head of Greater China Economic Research,who shares his lessons learned and his perspectives on the longer-term outlook for China.Haibin will be returning to his central bank roots and joining HKMA as Executive Di