FXStreet reports that Goldman Sachs (GS) economists wrote in their latest client note released on Tuesday that the Chinese economy is likely to return to trend growth after its V-shaped recovery saw a record pace of expansion last quarter.

“The economy appears to have passed a turning point.”

“Compared to 2019 to avoid distortions from last year’s activity collapse, exports and property sales are clear outperformers, while housing starts and manufacturing investment underperformed.”

“With meaningful slack remaining, household consumption should play catch-up, but probably at a measured pace given the weight of uncertainties and the long way toward herd immunity.”