rewrite this content and create paragraphs on September 17, 2023 at 4:00 PM EDTC. China’s short-term economic outlook no longer looks so dire, but it would be unwise to declare that rock bottom has been reached. The country is in a long-term slowdown that didn’t start yesterday and won’t end next week. Far from its shores, the challenges of recovery are being registered among policy-making elites: as it raised interest rates higher, the European Central Bank simultaneously warned of a slowdown in the regional and global economy. China was present in all but name. First, the encouraging news. After months of bad reports, the optimists finally have something to chew on. Industrial production rose nicely in August, exceeding forecasts, while consumers have yet to give up and retail sales are seeing healthy growth. Unemployment in urban areas has receded slightly. Equally important, consumer prices returned to positive territory in August. Figures from the previous month showed prices fell, triggering heightened anxiety over a faltering recovery and lectures on the dangers of deflation. This is in line with the fluctuating growth pattern the Communist Party Politburo flagged in July.