After the provincial government leaked Shenzhen’s GDP headline number for the first three quarters yesterday, causing a rush of commentary by bloggers and real-estate analysts, the city government decided today to clarify the reasons why its economy slowed so sharply, to 6.6% from 7.4% in the first six months.
Understandably, the report was full of numbers that the Shenzhen Daily tried to portray in a positive light.
At the heart of the data was an unmistakeable weakness: a sharp slowdown in industrial output and input, as we had expected in our report published yesterday.
Continue reading Shenzhen confirms 6.6% growth, blames nothing