China’s economy is rapidly rebalancing towards domestic consumption, undermining bears who focus too much on the country’s struggling industrial base, both BNP Paribas and Michael Hasenstab, Franklin Templeton’s high-profile fund manager, argue.
Widespread distrust of China’s official economic growth data has led many observers to construct their own measures of activity, often based on variables such as rail freight, which has plunged this year, and steel production, which is forecast to fall 3 per cent next year after rising at an average rate of 15 per cent a year between 2000 and 2013.
Growth in industrial output more broadly has slowed to 5.6 per cent, from the double-digit rate regularly recorded until last year.
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