China’s Open Throttle

Quite how fast is China’s economy growing? The Financial Times’s Lex column run’s Li Keqiang’s informal but crunchy measures of economic growth, the ones mentioned in a Wikileaked U.S. embassy cable from 2007: electricity consumption, rail cargo volume and bank lending. Lex finds that:

The first two are at full throttle: electricity consumption rose almost 15% last year, 8 percentage points more than in 2009, while freight traffic’s 10% growth over the first 11 months was about double the five-year average. New loans of 480 billion yuan last month, meanwhile, were 10 times their level of December 2007.

Those numbers suggest that the official GDP figures have yet to catch up.

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