Never mind the quantity, feel the quality. Like the communiqué issued at the conclusion of the Communist Party’s annual plenary session last weekend, Thursday’s statement from China’s National Bureau of Statistics, presenting third-quarter data, was full of good stuff about adjustment of economic structures, and prioritising reform over absolute growth. Observers are invited to conclude that the credit and investment boom that kept China ticking over through the crisis was a quick fix; a more sustainable balance of consumption, investment and net exports is just around the corner.
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