Business conditions in China improved across the board in Q3, but small and privately-owned firms are far less exuberant than their large and state-owned counterparts.

Asia’s PMI releases today add to the weight of evidence that Asia’s recovery has plenty of positive momentum.

As China’s government celebrates 60 years of the People’s Republic, the experience of Japan and the Asian Tigers underlines the case for China to shift its economic model to sustain rapid growth.

Our China Activity Proxy (CAP) suggests that China’s economy expanded at an annualised pace of 15% over the summer. With many companies only just starting to spend the proceeds of loans, rapid growth...