‘That’s It?’ Markets Incredulous At Lackluster Chinese Economy

China's economic recovery is no recovery at all. Last week, I called+ the situation "vexingly convoluted," but April's activity data provided some clarity: It's bad. The figures should've been nominally impressive. After all, China is lapping the Shanghai lockdown comps. When March's activity data was released last month, I not-so-gently noted that any beats were "meaningless." I was referring to the easy base. Fast forward a month, and China couldn't clear the lowest of low bars. Industrial