YESTERDAY: U.S. manufacturing orders from China collapse. “U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. As a result of the decrease in orders, Worldwide Logistics tells CNBC it is expecting Chinese factories to shut down two weeks earlier than usual for the Chinese Lunar New Year — Chinese New Year’s Eve falls on Jan. 21 next year. The seven days after the holiday are considered a national holiday.”

TODAY: U.S. Trade Deficit Rises 5.4% to Four-Month High.

Imports are up but not with China.

Then there’s this: In a major shift, China eases draconian ‘zero-COVID’ policy restrictions.

His power secure and his ability to lock down major cities at will tested and not found wanting, Xi can start letting the economy fully function again.