Chinese Economy Remains A Riddle

The Chinese economy expanded 4.5% during the first quarter, according to what I'll generously call "estimates" released by the Party on Tuesday. Consensus was looking for 4%. Last month, at the National People's Congress, Beijing set a cautious target of around 5% for the full year+. Recall that Q4's print was likewise an upside surprise. If you're skeptical of the data, you aren't alone. Headed into 2023, many macro observers assumed the world's two largest economies were poised to go thei