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China’s Rebound May Be Bigger Than Advertised

Pedestrians in the Wangfujing shopping area in Beijing on Feb. 10. China’s consumer inflation accelerated last month as the country reopened and the Lunar New Year holiday spurred demand, although gains remain muted enough for the central bank to keep easing monetary policy to support the economy’s recovery.

Pedestrians in the Wangfujing shopping area in Beijing on Feb. 10. China’s consumer inflation accelerated last month as the country reopened and the Lunar New Year holiday spurred demand, although gains remain muted enough for the central bank to keep easing monetary policy to support the economy’s recovery.

Photograph: Bloomberg

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China’s economic indicators have long had their skeptics, and despite a major overhaul of the nation’s data-gathering apparatus, the nation’s latest growth figure is reprising some of those doubts.

Officially, China said it recorded 3% growth for 2022. That was the second-lowest pace in data going back to the 1970s, but it still looks a lot better than a raft of underlying figures would suggest.