The latest (provisional) HSBC PMI from China is perfectly consistent with growth bottoming. Actual IP yoy has bottomed (the chart shows the data after extreme adjustment, which mostly just removes the blips caused by the peripatetic Chinese new year). The rise in the PMI suggests more is to come. (IP left hand scale, PMI right)
Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. While I do make mistakes, I try hard to do my analysis thoroughly, and to make sure my data are correct (old habits die hard!) Also, don't ask me why I called it "Volewica". It's too late, now.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.