A relatively busy news day. The big story was the economy, not because anything specific happened, but rather in terms of chatter. The government dumped third quarter stats on our heads, so the news machine shifted into high gear. The big number was GDP (7.4%, on an annualized basis); Q3 by itself was much better (9.1%). Let’s get those links out of the way first.
Wall Street Journal: China’s Economy: The Third Quarter — This is a good start, an easy to digest summary by Tom Orlik. The discussion moves on from GDP to questions about the accuracy of the numbers (Orlik wrote a book about this stuff recently) and substitute stats to verify growth rates.
Wall Street Journal: China EconTracker — Probably a good time to plug this online resource as well for those into the whole infographic thing. Simple and user friendly.
Xinhua: China’s Q3 GDP slows to 7.4 pct — GDP is the main focus, but also some other data here, including fixed asset investment and retail sales (both accelerating slightly in latest period).
Bloomberg: China Home Prices Rise in Fewer Cities as Market Stabilized — Specifically, price rises in 31 of the 70 cities tracked by the government. This indicates that nothing dramatic is going on in the property market, which is a good thing.
New York Times: China Reports Slower Growth in 3rd Quarter but Sees Signs of a Possible Revival — In other words, things are slow for the year, but the most recent data may be pointing at an acceleration. Too soon to tell, of course. We’ll see what happens with the next set of monthly data.
Bloomberg: Asian Stocks Rise as Chinese GDP Growth Matches Estimates — Ah, the inevitable “How did the markets react?” piece.
Financial Times: Global economy: When China sneezes — The effect of China’s economic slowdown on other countries.
We also had some more Huawei news today. This was not about the House Intelligence Committee report but information on a separate, White House initiated, investigation. Poor Huawei. You can read my post (Huawei Investigation: the White House Gets Involved) and the Reuters story that everyone seems to be running: White House Found No Evidence Of Spying By China’s Huawei.
And finally, the usual grab bag of China miscellany:
New York Times: In China, a Power Struggle of a Different Order — This year’s leadership change and the discussion over State-owned Enterprises and monopolies. This is a VERY important issue that is going to receive a lot of attention over the next year.
Xinhua: Chinese firm suing Obama to ‘fight all the way’ — This is about the Ralls wind farm case. Despite this case being a loser from a legal standpoint, it sounds like this has gotten personal. You can also read this in the Financial Times: Sany’s Xiang hits at US restrictions on China.
China Daily: Party chief involved in counterfeit goods case — Want to know some of the reasons why IP infringement is a problem in China? This “local official behaving badly” case is unfortunately typical, particularly out in the hinterlands.
Xinhua: Foxconn labor scandal embarrassment to gov’t service — Speaking of local officials, here’s an Op/Ed about that underage intern situation. The government guys were pushing this the whole time, but again, unfortunately this is not really a surprise.
China Biz Gov: GM and SAIC: Trouble in Paradise? — Discussion of the falling out between these two auto giants by sector expert G.E. Anderson.
Foreign Policy: Red State - Why China wants Mitt Romney to win — This is a familiar argument, and I don’t agree with much of it. A good read though, particularly if you’ve never heard the “China likes Republicans” position before.
Foreign Policy: Huntsman Speaks Out — Isaac Stone Fish interviews the former China ambassador and presidential candidate. Some discussion of U.S. China policy and the election, as you might expect.
China IPR: Judicial Trends in Beijing … and Countercyclical Trends — Some stats from the China IP world, with commentary from Mark Cohen. Some of this is, if not surprising, slightly mysterious.