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The headlines of China's August activity data are missing the real story in recent months.
China's activity data for May were a mixed bag, but they broadly paint a consistent picture of a slowdown in economic growth from the first quarter.
Official industrial production growth in China plunged to 5.4% year-over-year in April, from 8.5% in March.
China's July activity data pretty categorically wiped out any false hopes of a V-shaped recovery, after the June spike.
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