Beijing Car Sales

Thanks Paul Kedrosky for the info. 1200 cars sold per day in Beijing so far this year. And the penetration in China remains very low as the following chart from Scotiabank shows.

V-Shape

Here is a chart of YoY change in real GDP.
Since WW2 past episodes of ca -2.5% YoY change in real GDP have all been followed by a strong rebound, hence the usual V-Shape. Double dips are expceptional and muted rebounds inexistent.

Okun's Law Illustrated

Via Brad Delong (x-axis is 8 quarter average annual growth)