September 1, 2009 | Posted by Vitaliy Katsenelson

Another confirmation of Chinese not-so-miracle growth

Electricity was not the only economic statistic not controlled / calculated by the Chinese government that showed that the 6% plus GDP growth in the first six months of 2009 (at a time when the global economy was sliding off the cliff) was an accounting miracle.

Guangshen Railway announced its results a few days ago for the first six months of 2009: “tonnage of freight transported by the Company amounted to 26.5406 million tonnes (2008 interim: 34.5508 million tonnes).” – a decline of 23%.

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