In the last quarter, sales of excavators in China touched levels not seen since 2009, when Beijing lifted government spending following the global financial crisis. Other indicators, including freight moved on railroads and property loans as a percentage of total loans, also climbed to levels not seen since then. Commodities, particularly metals, rallied.

Across the Pacific, leading US stock indices last week hit record highs, despite the fact that many economists expect the Federal Reserve to raise short-term interest rates next week. Loan defaults continue to fall, hitting a 16-month low in May.

It is true that the reflation trade that has dominated markets for much of the last year is showing signs of strain. That investors are prepared to pay a premium for high-growth technology companies points to some scepticism that global economic growth is going to find a new, much faster gear.