The chorus of China bulls has quietened down a bit if the thicket of outlook slideshows so far is any guide.
Investment houses are coalescing around a full-year forecast for 8-point-something percent growth. That is huge, but for a few it represents a downward revision for the second half made in response to disappointing data and some gathering headwinds.
Tightening credit conditions and stubbornly sluggish retail sales are a handbrake on domestic consumption. Demand for exported goods is also flagging as the world reopens.
Industrial profit data on Sunday will be the next guide on the economy, while investors keep one eye on the yuan, which looks set to have one of its worst months since mid-2019, recoiling from a long rally that took it to a three-year high.