WORSE THAN THEY’RE LETTING ON, WHICH MEANS PRETTY BAD IN LIGHT OF THIS: How Bad Are China’s Economic Woes?

While economists say China’s economic data can’t always be trusted, they now have a new dilemma – there is no data.

On Friday, China said it wouldn’t be setting a target for economic growth for this year.

That’s unprecedented – the Chinese government hasn’t done this since it began publishing such goals in 1990.

Abandoning the growth target is an acknowledgement of just how difficult a recovery in China will be in a post pandemic era.

And while recent figures have shown that China is on the way out of its slowdown: it’s an uneven recovery.

First, the good news.

For the first time since the pandemic hit China – factories are making goods again.

Industrial output in April grew by a better-than-expected 3.9% – a marked difference from the collapse of 13.5% in the first two months of this year as massive lockdowns were imposed.

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h/t GR