China's Post-Reopening Recovery Disappoints

China's anticipated emergence from COVID lockdowns to boost the global economy has not met expectations, as a string of disappointing data raises concerns. The recovery and reopening impulse seemed to have only lasted for one quarter, with the second quarter showing a lackluster performance. Factors contributing to the less-than-anticipated recovery include pre-existing imbalances in the economy and the government's different approach in dealing with the COVID pandemic. Despite some easing signs and restocking, the recovery outlook remains cautious.