China’s Economic Recovery Questioned As PBoC Retains Easing Bias

Allegedly, China's economic recovery was going so well last month that Party officials were taken aback, and considered adopting an ambitious growth goal for 2023. But, just days after anonymously-sourced media reports flagged internal optimism, China decided on an underwhelming target+ at the National People’s Congress, disappointing markets and casting considerable doubt on a sunny narrative which grew, like a rose from concrete, out of the macabre situation that prevailed in late December