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Xi Jinping's Growth Model Has Changed
I think that if you ask what growth number Xi Jinping wants, I don't think Xi Jinping cares. They understand that going from high levels to nothing will undermine some of what they're trying to do. China structurally is a long term structural slowdown. It's not as bad right now as some of the China economic bears are saying. The big problem here is not that China is manipulating its data. The data don't make sense. Some of these data are highly in contention with each other. Month on month data in China doesn't accord with quarter and quarter or year in year data. You have one set of official data saying things are improving, albeit mildly, another saying, oh,