Montag, 18. Mai 2009

Chinese Crystal Ball

So China's GDP grew 6.1 % yoy in Q1, and is speeding up in Q2.

Funny that the Ministry of Finance now reports a massive 10 % yoy drop of fiscal revenues in Jan-April. Sure, there were all sorts of tax rebates, and the profits of state-owned enterprises also took a beating. But a 10 % decrease in an economy that is growing at more than 6 %? That's... how shall I put it...? Unusual.

(It would be helpful if MoF provided a breakdown by source of revenue. But I'm not aware that they do.)

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