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China recently released its official third quarter GDP data, which registered 7.8 percent real growth year over year. As expected, the boost to year over year growth rates of various indicators in July and August supported GDP growth for the quarter even as momentum began to subside in September. Current dynamics represent a mini-version of the 2009 reaction to slowing global trade when the government doubled down on infrastructure investment to support overall growth amidst slumping exports. In sum, the headline growth number improved in Q3 2013, but at the expense of worsening the structural imbalances in the economy.
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