China's two-track economy: AI exports buoy trade while domestic demand lags, Bloomberg argues

Bloomberg Opinion has published a column arguing that, contrary to the official image of a China that has weathered the trade war and is winning on AI, the reality is a "two-track economy" — strong in exports and advanced technology, but weak in domestic consumption and real estate. Columnist Karishma Vaswani contends that the upbeat self-portrait promoted by Beijing and state media does not mean the economy is uniformly robust.