China | Behind the better-than-expected Q3 GDP: Rebalancing or Rebasing?

Summary

Today’s announced Q3 GDP and a number of September activity indicators have depicted a rosy picture of economic rebalancing in China, despite a series of disruptions emerged in the third quarter including the stock market selloffs in June-July, the unexpected devaluation of the RMB in August, as well as the forceful shutdown of numerous small factories in Beijing’s suburbs

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