China August IP beats at 5.2%, tech-led but imbalances persist

China's industrial production rose 5.2% y/y in August, beating the 4.8% consensus and accelerating from July's 4.5%, driven by tech sector strength. However, the report highlights widening economic imbalances, suggesting the recovery remains uneven and reliant on manufacturing rather than broad-based demand. This supports a modest growth_up bias for China but underscores structural risks.