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15-07-2013
Chinese GDP, More Worrisome Than Surface
| Chinese data match projections for a slow-down to a 7.5% growth rate in second quarter but production slows more than proportionally signalling that a hard landing is probably in sight. Economists have a hard time reconciling bottom-up numbers, energy consumption at factories on top, with such aggregate readings, that seem overinflated. Only Chinese equity market and the value of yuan reflect the possibility of a significant deceleration, that would otherwise have world-wide consequences. |