Next week, China will release its official GDP statistics for Q3 and I expect it to be down from the 10.1% in Q2. That doesn’t mean that the Chinese economy is falling.
Consider this report of Beijing cement factories.
“Of the 28 cement factories in Beijing, 27 were shut down during the Olympics. The only one left open was Beijing Cement Factory, which survived because it was also the city’s biggest solid waste treatment company.”
“However, it was also asked to stop one of its production lines the day before the Games’ opening ceremony to ensure good air quality.”
That same pattern happened to thousands of businesses in Beijing and those temporary shutdowns are why Chinese GDP will be down in Q3,
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