When your population is 1.4 billion and you are in the midst of an unprecedented government and credit-fuelled expansion in infrastructure on your way to developed economy status, there are plenty of things that may get overlooked.
This is a completely normal set of circumstances in any developing and rapidly-changing economy no matter what methodology is used. Enough to fill tomes has been written on China’s data measurement challenges by commentators, policymakers and academics, not to mention the whole question of whether GDP is a useful way of measuring how any economy is faring.
What is truly striking is the lack of variance of opinion on where growth is headed in a country that has just gone through one of the biggest credit binges in history, with the credit to GDP ratio up by nearly two-thirds over the past five years, since the global financial crisis set in.
The latest GDP growth figure, for Q2, came in at 7.5 percent, just 0.1 percentage point above the consensus. That is the growth rate the Chinese government is aiming for this year. The range of opinion was very narrow, from 7.2 percent to 7.6 percent.