I think it is important to remember the athorities are doing their best to hide the weak economic conditions. At the end of the day if gets serious and they cannot contain the bad news getting out they will be forced to spend bigger than they ever spent before. Yes plunging them into debt but atleast it should turn things around. Long term I can't see them (China) being the driving force in IO prices as much as they have been.
Take positive economic news with a grain of salt at the moment.
Iron ore price, page-52700
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