Key Points:China’s exports surged 7.2% in July, but PMI data signals a worrying contraction in manufacturing demand.Imports rose 4.1% year-on-year, reflecting a possible rebound in domestic consumption and supply chain demand.Trade optimism lifted Mainland China and Hong Kong stocks, with the Hang Seng Index climbing 0.59% intraday.China Exports Surge… Imports Signal Lift in DemandChina’s economy continued to face scrutiny as US President Trump proposed fresh tariffs targeting non-compliant trad