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Co-founder & CEO of AllenWargent property buyers & WargentAdvisory (subscription market analysis for institutional clients).
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Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.
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Wednesday, 16 April 2014
China economy grows at 7.4%
No surprises that China's growth came in one tick above expectations at 7.4% (of course - it miraculously always does!).
The key numbers:
industrial production up by 8.8% y/y
fixed asset investment up by 17.6% y/y
retail sales up by 12.1% y/y
All adding up to 7.4% annual GDP growth.
Chalk one green tick for the rebalancing plans there, since the retail figures scored very strongly.
Industrial production was lower, which is less impressive.
Obviously as usual some will continue to focus on the "slowing growth", but clearly 7.4% growth in the world's second largest economy is huge stuff any way you look at, even if the percentage growth is lower than previously.
Remember that even a China growth result of 7% in 2014 would be the equivalent of huge 13% double digit growth in 2007, because the economy is much, much bigger than it was back then due to compounding growth.
In terms of what it all means to you and me, it doesn't really matter whether China becomes the world's largest economy by 2020 or 2021.
All we really want to know is if the whole thing blows up - which it hasn't yet.