If you think I am skeptical about the BLS data, imagine how I feel about this nonsense from the Red Communists of China’s Central Economic Planning Bureau. (Those guys make the BLS look like Capitalists).
I have no idea what the actual number is; I’d like to have a reliable source as to the actual growth rate of China. I simply don’t trust the commies to release the real data.
If anything, I suspect that they may be understating growth so as to appease their trading partners (like the U.S.). Consider that investments in fixed-assets
surged 26.1% — More than $700 billion in the 1st 3 quarters. At the same time, Exports jumped 31.3% to $546.4 billion.
Here’s a quick Ubiq-cerpt:™
BEIJING – China’s economy grew at a blistering 9.4% rate in the first three quarters of 2005 as investment surged and the country’s politically volatile trade surplus more than doubled, the government said Thursday.
But the government report expressed concern about "oversized and irrational" investment in fixed assets, the relatively low level of farmers’ incomes and the nation’s bulging trade gap.
In an attempt to slow growth, Beijing wants to do more to curb investment in unneeded factories and shopping malls, said Zheng Jingping, spokesman for the National Bureau of Statistics. The government also has no plans to let China’s currency, the yuan, rise sharply in the near future, he said.
China’s gross domestic product expanded 9.4% in the third quarter from a year earlier, slightly higher than market expectations, which had centered on growth of 9.3%. The growth rate was little changed from previous quarters and suggests the economy will maintain a growth rate of between 9% and 10% in 2005 after growing 9.5% in 2004.
GDP grew 9.5% in the second quarter and 9.4% in the first quarter. "The economy should grow by about 9% or more, giving next year a good start," said Zheng Jingping, a spokesman for the National Bureau of Statistics.
China’s Economy Expanded By 9.4% in First Nine Months
Trade Surplus More Than Doubles
A WALL STREET JOURNAL ONLINE NEWS ROUNDUP
October 20, 2005 4:56 a.m.