Chinese data has been improving lately, but some have expressed concern that this is only because the government is pumping more credit into the system, and engaging in infrastructure investment at a time when there's already too much spare capacity.
That may be an issue, but as Markit's Chris Williamson notes on Twitter, Chinese exports are back on the rise, per the latest Flash PMI survey.
This certainly suggests there's more to the recovery than just adding more capacity on top of idle capacity.