The Chinese recovery is dreadful

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Why is anybody excited about it? It is terrible and a very poor leading indicator for everyone else coming out of lockdown. Via Capital Economics:

Since when was a recovery stalling at 80% of output anything other than a catastrophe?

Asia is still getting worse:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.