Chinese economic data questioned? Bloomberg Business Week talks about Chinese data quality – just you thought it was safe to rely on the seemingly increasingly professionalized data communiques from Beijing, the folks at Bloomberg articulate what we’ve all always suspected – quoting Li Keqiang, in a Wikileaked communique in 2007 saying that “the figures that go into China’s  gross domestic product are “man made”…..and “for reference only”.

Bloomberg points to the slowing of electricity demand – a key correlate of GDP in our view – at a far greater pace than the reported slowing of GDP in China, and reminds us of the regime change coming in the fall, and the need for “stability” ahead.

Real Question – Does China’s steel market FEEL like the economy is growing at 7.6%? With Chinese steel production off 2.6% from  April, prices declining week-by-week, and exports hitting two-year records, we think NOT!