by Greg Canavan, Daily Reckoning.com.au:
Surprise, surprise. China’s GDP growth
for the third quarter came in bang on the consensus estimate of 7.4%,
the slowest rate of growth in years. But the market liked it because on a
quarter-on-quarter basis growth was 2.2%, up from 2% in the prior
quarter. So on an annualised basis, the Chinese economy grew at a fast 8.8%.
Or did it?
We mentioned yesterday that the published numbers are a farce. They tell you what the Chinese Communist party wants you to know — that they are in control and everything is going according to plan.
For example, here’s the introduction to China’s GDP release from the National Bureau of Statistics of China:
Read More @ DailyReckoning.com.au
Surprise, surprise. China’s GDP growth
for the third quarter came in bang on the consensus estimate of 7.4%,
the slowest rate of growth in years. But the market liked it because on a
quarter-on-quarter basis growth was 2.2%, up from 2% in the prior
quarter. So on an annualised basis, the Chinese economy grew at a fast 8.8%. Or did it?
We mentioned yesterday that the published numbers are a farce. They tell you what the Chinese Communist party wants you to know — that they are in control and everything is going according to plan.
For example, here’s the introduction to China’s GDP release from the National Bureau of Statistics of China:
Read More @ DailyReckoning.com.au
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