China datapoint of the day
Andrew Baston reports on China’s 7.9% GDP growth in the second quarter:
China’s government only reports year-on-year growth estimates. But when measured in the same terms as other major economiesâ€”an annualized quarter-on-quarter comparisonâ€”China’s growth in the second quarter could be on the order of 15%, some private economists estimate.
This is proof, I think, that stimulus programs can have spectacular effects, at least in the short term. Although once again Chinese assets are looking pretty bubblicious as a result. Beware the coming crash!