A new index compiled by Hong Kong economists for Goldman Sachs estimates that China's current economic growth rate is around 10 per cent. This is much higher than the rates calculated by the National Bureau of Statistics for the whole country.
The index does not use production data at large companies but is calculated instead using official statistics for amounts of freight transported, passengers carried by train and plane, construction and energy consumption. According to this new index, China inflated its national GDP figure during the Asian economic crisis, but is now deflating it.
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