The economic data out of China this week beat expectations and point to a further rebound. The strength is still concentrated in industry and construction but that’s not a constraint on near-term growth as long as policymakers are willing to keep channeling credit to firms and local governments. And there are signs that the recovery in consumption, which had previously lagged, is now picking up. All told, the economy as whole looks to have returned to much the same path as it was on pre-virus.
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