History shows that retail-spending recoveries tend to lead economic recoveries, not investment revivals (which lag economic revival).

BBC: Can business lead the recovery?

Although the bond business isn't as lucrative, it is a viable alternative for Hong Kong-based Chinese investment banks, which lag behind their more established global peers in sectors such as asset management.

WSJ: China Banks Change Tack as Hong Kong IPOs Dry Up

After a lag, business investment is picking up too despite the belief that the economy's most salient feature is chaebol overcapacity.

ECONOMIST: South Korea??s alarming recovery