The latest economic news from China suggests that the world’s second-largest economy is stabilizing. As Reuters reports, “factory output rose 9.7 percent in July from a year earlier, the fastest growth since output grew 9.9 percent over January and February, National Bureau of Statistics data showed.” Is this a clue for thinking that that the topical news of late that emerging markets are destined for a “Great Deceleration” is premature, timely, or ancient history?