Despite the promise of 6-7% GDP growth forever - fake invoices, intangible accounting, and contracting PMIs aside - based on the Hang Seng China Enterprise Index, revenues for Chinese firms dropped over 7% in Q1 compared to the same period in 2013. This is the largest year-over-year drop since Q1 2009. As China Daily reports [3], earnings growth remains positive but is at the slowest since Q3 2012...
[4]
So if "sales" are down 7%, how is GDP growing 7%? What's Chinese for non-GAAP GDP?
Charts: Bloomberg