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.