China’s Pandemic Rebound Belies Two-Track Recovery

China’s Pandemic Rebound Belies Two-Track Recovery

Most "regular" (and I don't have a concrete definition of that) market participants likely didn't have China's inflation data on the radar screen this week, but it's worth a quick mention on Wednesday. The world's second-largest economy recovered fairly rapidly from the pandemic which started on its soil, but one feature of that recovery (especially early on) was a divergence between industrial output and retail sales. In short, factory activity recovered rapidly, while consumption lagged, bef
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