How Badly Overstated is Chinese and US GDP?
Similarly, CNBC reports China says its economy grew 6% in the third quarter, slower than expected
Worse Than It Looks
Funding Non-Productive Activity
Pettis objects to China's GDP numbers based on "non-productive activity".
By that measure, what about the US dropping bombs, fighting wars all over the word, keeping troops in Germany and Japan, and overpayment of government employees and their bloated pensions?
And that's just for starters.
Mike "Mish" Shedlock