Those figures belie warning signs elsewhere. More detailed data show weakening investment in infrastructure and less exuberant spending by China’s usually ebullient consumers. Private businesses complain that government efforts to tame debt have made it hard for them to borrow money. A tiny but growing number of Chinese companies have defaulted on their loans. The currency has lost some of its value. Chinese stocks are in bear market territory.
It may just get tougher from here.
