Medium term forecasts from Consensus Economics Inc show that over the next 5 years the US, the eurozone and China are expected to grow by an average annual rate of 2.7 percent, 1.2 percent and 7.6 percent respectively. As the National Institute used to say, a forecast, be it short-term or long-term, can convey a sense of precision that is not intended.

Taking the relative magnitudes then as the key feature, there is not much here to disagree with. If anything, the feature reflects what is widely understood about the broad economic backdrop. This is, that due in large measure to Fed policy, the US economy is expected to grow at a pace not far short of its long term, postwar, growth rate of 3 percent, that the eurozone is expected to grow modestly at best and that China is expected to grow as the authorities intend, notably slower but more balanced.

So what might the message be?

David Fuller's view China grows faster but will investors benefit from it?

They are beginning to, judging from this chart of the Hong Kong Hang Seng Index. We may now see a pause and consolidation near the February high. Thereafter, the additional build-up of support evident below 20,000 should sustain the next advance back to 25,000 over the medium term.