China’s first quarter GDP figures suggest things are starting to turn around. Growth for the first quarter of 2009 was disappointing – down to 6.1% year-on-yea from 6.8% in the fourth quarter of 2008. This is the worst quarterly performance in nearly 20 years. However, more positive figures for the likes of industrial production and fixed-asset investment indicates that the worst of the downturn may be over (at least from China’s point of view). And comparing quarter-on-quarter growth, Wang Tao of UBS Securities estimates that GDP expanded by around 7% in the first quarter from the last quarter of 2008. Foreign direct investment (FDI) also fell in March down 9.5% year-on-year, but still by less than the 15.8% year-on-year contraction in February. Even bad news is looking positive. Wal-Mart said its restructuring its China management team, but no layoffs will result. Instead up to 1,400 staff will be relocated or offered pay cuts.