The PMIs suggest that a combination of fiscal support and tariff front-running helped China’s economy regain some momentum in February. But growth still looks at risk of slowing this quarter, at least partially reversing the pick-up in Q4. And that’s before the hit from tariffs is felt in earnest. Unless the leadership unveil greater-than-expected stimulus at the National People’s Congress, it is hard to see how a slowdown can be avoided this year.
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