There was a time when the health of the global economy was determined by the status of the US economy. Now, everyone looks east and it's China that sets the tone.
So it's reassuring to see clear positive signs in the Chinese economy this week. Factory output in the world's second-largest market is up 10.4% from last year this time, while there are indications that retail sales and fixed asset investments also rose during the month.
Economists are buoyed by the signs as China has been trying to boost its economy after two sluggish (by Chinese standards!) quarters in a row.