...but actually far more interesting insights can be found from the range of charts in the rest of the report which often stretch way beyond just the pure GDP statistics/estimates, especially as the report was based on a visit to the country which concluded during July i.e. before all of the yuan volatility and related news hit the wires.
A few charts that struck me in particular:
The general government balance is fine...but the real deficit issues are when you add local / off-balance sheet factors.
And this makes a real difference regarding the relative position of the Chinese borrowing position versus an international peer group:
Not that many times over the last decade when investment contribution to growth has out-stripped that of consumption. So the latter overtly taking over is a real regime shift if it occurs.
Not too many times over the last decade that the real exchange rate went negative year-on-year - hence the surprise factor re last week.
Meanwhile credit to nonfinancial corporates remains high versus country peers at a similar level of development...
Some conclusions? If we did not know if already then watching debt levels in China is all important with - versus my previous knowledge - the level of nonfinancial corporates interest coverage (or lack of a level) particularly striking. A pro consumption shift is still both likely and reasonable but there will be transitional issues as the economy evolves. Finally the above charts again reiterate that the yuan shift was nothing to do with regaining export capabilities in 'old' goods and much more to do with growing liberalisation shifts (with the tactical benefit of boosting the economy a little at the margin).