We maintain our 2025 GDP growth forecast for China at 4.4%, based on the latest economic developments and policy expectations. But we've adjusted our 2026-2029 growth forecasts to reflect the impact from the US presidential election. We currently assume the US will impose 30% tariffs on China starting in 2026, which could lower its annual average GDP growth to 3.7% y/y during 2026-2029 from our October baseline of 3.8%.