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China stagnant [ClearOnMoney]
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Commentary

China stagnant

13 May 2013 by Jim Fickett

The latest industrial production figures from China show 9.3% growth from April 2012 to April 2013:

Now, unlike the BBC ("Manufacturing, a key driver of China's economic growth in recent years, has slowed down"), I do know the difference between a change in the level of production and a change in its growth rate. The official statistic graphed above is the growth rate, and so the government is saying that industrial production is still growing at a breakneck pace, but that pace has not changed significantly in the last year or so. I think, as implied by the title of this post, that “9%” is the government's name for what is really something closer to “0%”, because the average of the government and private PMIs shows approximately zero growth for the last couple years:

Whatever the truth, current conditions in China, which have caused a global correction in commodity prices, are not getting better.

The good news is that inflation remains under control:

(See the Reference pages China industrial production and China inflation for background, sources, and past commentary.)