What's going on?

China’s energy appetite is far from being sated, with data out this week showing the country�s using boatloads of oil.

What does this mean?

A nation guzzling down energy is a telltale sign of economic growth, and China�s latest data is nothing short of a blockbuster. At the end of last month, 125 supertankers were cruising their way to the world�s biggest oil importer � the most in over two years, according to Bloomberg. And if you think that�s impressive, buckle up: cargo data suggests that China hasn�t yet slaked its thirst.�

But don�t imagine that it�s �all work and no play� in the Middle Kingdom. With Covid restrictions happily scrapped, China�s citizens embarked on a whopping 274 million domestic trips over the May Day break � a 20% increase from pre-pandemic levels. And because Mom and Pops always need a fridge-magnet souvenir, that helped push tourism spending back to 2019 levels too.

Why should I care?

The bigger picture: Beijing wasn�t built in a day.
Souvenirs aside, China�s economic comeback does seem a little uneven, with manufacturing activity recently shrinking for the first time in months. But let�s not get ahead of ourselves: the trajectory China�s charting is pretty similar to other nations� post-lockdown recoveries, with services in demand and goods out of favor. Plus, the global economy�s in a bad way right now � so there�s little sense (and less money) in manufacturing products no one�s ordering. Goldman Sachs, at any rate, isn�t worried, betting that the dragon economy still has plenty of fire in its belly.

For markets: Fuel for thought.
Oil has taken a hit from that slowdown in manufacturing and the flagging US economy � meaning this week�s 8% slide in oil prices isn�t out of left field. But some hopeful analysts think the tides will turn before long, thanks to OPEC�s lowered oil production and an anticipated jump in demand in the second half of this year.