China's Post-Lockdown Recovery & Stimulus Disappoint

The Chinese government started to lift its pandemic lockdown restrictions in early December last year. The economic rebound has been weaker than widely expected. Indeed, China's imports have been flat at a record high since mid-2021 and have remained so through May of this year (chart).

Furthermore, inflation has been nonexistent as the Chinese CPI rose just 0.1% y/y in April, while the country's PPI fell 3.6% over the same period (chart).