China Q2 GDP 9.5%, Higher Than Expectations, But Lowest Since Q3 2009

Tyler Durden's picture
  • China 2Q GDP rises 9.5% y/y vs est. 9.3%; rate is slowest since 3Q 2009.
  • 1H GDP rises 9.6% vs est. 9.5%.
  • June industrial production increases 15.1% y/y vs est. 13.1%, rose 13.3% in May; June IP up 1.48% q/q
  • 1H IP up 14.3% y/y vs est. 13.9%
  • June retail sales rise 17.7% y/y vs est. 17.0%; 1H retail sales rise 16.8% vs est. 16.7%
  • 2Q GDP up 2.2% q/q vs 2.1% in 1Q
  • 1H fixed asset investment exc. rural rises 25.6% vs est. 25.7%
  • NOTE: GDP grew 9.7% y/y in 1Q.


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Zaphod B.'s picture

2Q between 1Q & 3Q, 25% of 2011

TruthInSunshine's picture

It's hard to know what's really going on in China (on the ground, as in reality) as they are running neck and neck with Geithner & Bernanke is projecting opaqueness, but if the latest stats on auto sales are to be believed, things do appear to be slowing appreciably in China:

Reuters - Fang Yan, Ken Wills - ‎Jul 8, 2011‎ Asia Sentinel (blog) - ‎Jul 8, 2011‎


66Sexy's picture

need to take THOSE numbers with several tons of hoarded salt

HITMAN56's picture

Agree with opaquness all around. what about the cash for clunkers type program they instituted? 

statlawyer's picture

nominal GDP... isn't China's inflation rate around 7%?

eureka's picture

BINGO - it was 10-12% the past three years - unofficially probably higher.

Careless Whisper's picture

but everything they do is top quality. like their medical care.


camoes's picture

People who never experienced inflation do not pay attention to real rates and most find it really hard to grasp and understand the difference between real and nominal rates...


RollinRavenPurple's picture


Global slowdown coming....still bullish. 

lawton's picture

lol - that is what is killing wages/standard of living is letting in too many immigrants to take more IT jobs etc. and outsourcing. ...


"[Baby boomers] are being replaced by groups of young workers who have regrettably scored rather poorly in international educational match-ups over the last two decades.”

"The average income of U.S. households headed by 25-year-olds and younger has been declining relative to the average income of the baby boomer population. This is a reasonably good indication that the productivity of the younger part of our workforce is declining relative to the level of productivity achieved by the retiring baby boomers. This raises some major concerns about the productive skills of our future U.S. labor force."

Greenspan would prefer the U.S. let in more skilled immigrants instead.

"Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States. But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow."

Bobbyrib's picture

I wish everyone in the country would tell Greenspan to STFU all at once next time he opens his mouth. It really is partially his fault our economy is where it is today.

traderjoe's picture

The Fed chairs are simply the lackey's. The real powers are behind them. 

TruthInSunshine's picture
by Bobbyrib
on Tue, 07/12/2011 - 22:16

I wish everyone in the country would tell Greenspan to STFU all at once next time he opens his mouth. It really is partially his fault our economy is where it is today.


I share your opinion, but think you're being too kind.

Greenspan saw no need to regulate derivatives, oversaw the gutting out of regulations over such things qualification standards and other banking practices that dramatically contributed to creating of the housing bubble, and he also brilliantly (/sarc/) supported the complete criminality that is the joke of commodity market regulatory 'reform' as set forth under The Gramm–Leach–Bliley Act (GLB), aka the Financial Services Modernization Act of 1999.

In other words, Greenspan went Full Retard.


chump666's picture

Ah the Chinese GDP...well they just sent oil bid, watch SHIBOR blow out again and another wave of inflation comes their way.

Implosion now timed  - 3mths t-minus zero

chump666's picture

Aust markets just set a 4hr bulltrap

chump666's picture

running bet that (US) rating agencies start downgrading the crapola out of China, as the market becomes more cannibalistic and chaotic...anybody?

trampstamp's picture

Dam, I couldn't make sense of it. was it 600B or 2T QE2? :/

HUGE_Gamma's picture

the stimulus is working!

HUGE_Gamma's picture

BTW.. silver bitchz

Juice Box's picture

Who would ever believe these figures anyway?  These figures were agreed on by the Central Committee five years ago.  They are about as trustworthy as the BLS.

Ned Zeppelin's picture

I believe in everything the Chinese say about their economy. I also believe in the Tooth Faerie.

bakken's picture

All you see in China is "Asses and Elbows"  -maybe building some ghost cities and empty highways  is enough to keep the momentum going.  They buried their last banking catastrophe  with incredible growth, maybe they can grow hard enough to bury the present mess.

Maybe.  Or, they will actually run out of clean water for everyone before that happens.  Even with a worthless government and an imbecilic set of oligarchs, I'd still rather live here in the USA.

trampstamp's picture

Hmmm. Wonder if all those empty buildings were built in advance for world dominance when slaves, from different countries, are shipped in to fill them.

MountainLotus's picture

Just went to Fujian to attend international trade fair last month, they definitely building lots of highway and cities. But that encourage a very high number of factories to moving inward to the west of China. Travel times between inland to coast are reduced significantly, some reduce from 8 hours to just 3 hours. Thus, more trade between cities will bloom. Also, people will less likely to immigrate to big cities to find jobs because more and more jobs move to them.

The highway I traveled was build last year, they are empty of course, but expected to jam pack within 5 years. So, I don't think it not that bad to build them.

Atomizer's picture

China needs to just purchase EU debt.. the game will continue until 2014.


Stuck on Zero's picture

You'll be happy to know that the GDP in my house grew 19.6% over the last year.  My wife and I wrote checks to each other for $7500.00 and cashed them.  Next year we're going for a 24% GDP increase!

RobotTrader's picture

Shanghai markets bottomed 3 weeks ago.

Bad news is already baked in.

Gold's breakout to new highs today virtually guarantees higher stock prices worldwide.

camoes's picture

Go to sleep Robo, stop wanking and doing Elliot wave analyis simultaneously...

SheepDog-One's picture

Robo puking up blood, and plotting to kill Gentleman Jim.

slewie the pi-rat's picture

hong kong down 3% yest.

the bad new is what this looks like after we subtract out the inflation rate.  as we think about what that might be, and in which direction it might be headed, brother & sister, let us pause to consider whose ass they pull this data from, anyhow. 

same one as they were broadcasting the muni debt from?  china is fun, tho!

so, is this gonna be a secular world-wide bull, RT?

i mean, if we're getting ready to inflate the biggest credit bubble in the history of the galaxy, how can we not have happy markets, with winners flopping around in ecstacy on the floor of the casino like a bunch of holy rollerZ?


Does not every one know at least one person; that when they open their mouth you grit your teeth, becuase every other sentance is a bold fucking face lie? Uhhh-reverse mergers by the dozens, Chinese BULLSHIT by the TON, or how about helicopter full. We are all fucked when china has as much credibility,if not more, than the US/EUROPE Drama Queens.

AldousHuxley's picture


23 Things They Don't Tell You About Capitalism

Thing 1: free market doesn't exist;  NAFTA is 1000s pages long when free market should make it just 1 page. free market means child labor. etc.

Intellectuals are leading the new paradigm