There have, in the past year, been moves made to address high levels of corporate and local government debt, which was fully expected to provide some headwinds for the economy.
But over the same period we've also seen trade tension between China and the US escalate to the point of significant tariffs. That's slowed the Chinese economy more than initially anticipated.
Then in New Zealand this year we've been dealing with the possibility that our diplomatic relations with Beijing have frayed over issues like the exclusion of Chinese phone company Huawei from the national 5G network build.
China ended the 2018 year with GDP growth at the bottom end of the official forecast range at 6.6 per cent.
Some commentators pointed to fourth quarter growth being the slowest since 1990 — others pointed out that still meant China's output increased by more than the entire Australian economy.
Regardless of the spin, the slowdown was more intense than usual.
At the People's Congress in Beijing in March Premier Li Keqiang acknowledged it would be a "tough struggle" to hit official forecasts of growth between 6 and 6.5 per cent this year.
Data from the first couple of months of the year has remained weak. The South China Morning Post reports that industrial production growth slowed to 5.3 per cent in January and February compared to the same period last year, down from 5.7 per cent growth in December. The unemployment rate rose to 5.3 per cent in January and February from 4.9 per cent in December, according to the National Bureau of Statistics.
Li announced a series of simulatory measures in March which have yet to flow through — these included tax cuts and additional funds for local government infrastructure spending.
Already some commentators are predicting more measures will be needed before the year-end.
Of course a lot depends on the outcome of trade talks — still very much a moving feast at the time of writing.
Certainly, US President Donald Trump will be looking for a resolution he can claim as a victory for the US.
It remains something of a winning card in his hand, which can be played to inject fresh optimism into US markets.
Market-watchers have tended to maintain an optimistic bias on the situation and have probably baked at least a partial resolution to the tension into valuations.
However, a truce and eventual unwinding of tariffs is unlikely to resolve the bigger geopolitical tensions around China.
That diplomatic tension and the pressure it has put on New Zealand-Chinese relations appeared to be boiling over early this year.
Concerns reached a peak in February around the postponement of the NZ-China 2019 year of Tourism launch event. But with that now rescheduled and the Prime Minister on her way to Beijing for her first official visit it seems that — to whatever extent they were damaged — bridges have been mended.
Do we have problem? That probably depends on the kind of timeframe you choose to look at.
A lot of the big concerns that worry economists — debt levels, demographics and geopolitical tension — aren't going anywhere in a hurry.
But looking at New Zealand's most recent export statistics make for reassuring reading.
Essentially the two biggest earners of foreign currency for New Zealand — tourism and primary industry exports — remain solid in relations to China.
Though some have expressed concern in the drop-off of Chinese tourism numbers in the last couple of months of 2018, a look at the annual figures across the last five years shows little out of the ordinary.
For the year to the end of January 2019 Chinese visitor numbers were up by 17 per cent to 43,858.
That follows a sizeable dip in the year to January 2018.
Arrivals peaked in the year to January 2017 at 54,046.
The visitors have been through similar ups and down since 2011, sometimes seeing dips on Chinese regulatory decision, and — as you'd expect — on the strength of the economy. Meanwhile New Zealand commodity exports to China remain at elevated levels.
The latest Ministry of Primary Industries Situation and Outlook report (to March) notes that "demand from China continues to strengthen for most primary industry products".
Dairy prices are also on the rise again, for example — up about 25 per cent since their most recent low in November.
Clearly there are risks. As the latest Reserve Bank Monetary Policy Statement noted — world growth is slowing.
China's fortunes will continue to play a big part in that trend and will indirectly influence our fortunes.
But for now at least, New Zealand's direct link to the more buoyant consumer end of the Chinese economy is still serving us well.
● Liam Dann is the Herald's Business editor-at-large.
