Price‑Shock Masks Spring Recovery

Chinese commentators disagree whether Q1’s uptick reflects real demand or a temporary boost from commodity price moves and policy timing. Several analysts warn the producer price index gains are commodity‑driven and property data may be a short‑lived pulse, even as the Politburo mobilises central funds toward infrastructure projects. — If the rebound is illusory, China may re‑double state investment rather than household‑focused rebalancing, with major consequences for global commodity markets, capital flows and the trajectory of RMB internationalisation.