Sure enough, the markets didn’t like the number. In Hong Kong, the Hang Seng fell 4.2 per cent, while the China Enterprises Index fell 5.2 per cent. The Shanghai Composite dropped 2.3 per cent, while the renminbi has now fallen 0.5 per cent in the spot market against the dollar in a week.
China’s 9.1 per cent growth figure might be slower than last quarter, but it isn’t exactly slow.
Indeed there are some positives to come out of China’s latest data. Inflation continues to fall, albeit slowly. And despite a slump in shipments to Europe, overall exports didn’t fall off a cliff. In a murky global environment, 9.1 per cent is not to be sniffed at. And anyway, China’s leaders want growth to slow, slowly.
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