For the past week, global equity markets traded in a narrow range waiting with great anticipation for Gross Domestic Product numbers from China, the world’s second largest economy.
Barely beating economists’ estimates for a 6.8 percent increase, China’s National Bureau of Statistics announced Monday that GDP growth for the third quarter ending in September from a year earlier registered a 6.9 percent gain. Down from 7 percent in the first and second quarters, it was the worst GDP reading since the first quarter of 2009, when the world economy was in the depths of the Great Recession.
Yet, even the tepid numbers were met with market disbelief.
“China’s Better-Than-Expected GDP Prompts Skepticism From Economists,” headlined the Wall Street Journal following Beijing’s announcement. “Within minutes of China’s publishing its rosier than-expected numbers, a wave of skepticism emanated from economists over the accuracy of the official 6.9% third-quarter growth figure,” was the lead paragraph.
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