China's slowed growth rate is relative

Blurb from From The Economist's January 23 Daily Dispatch:

China’s economy: Slowness is in the eye of the beholder

China’s growth rate for 2018, which was announced on Monday, gave rise to pessimistic headlines. At 6.6%, thanks [due] in part to a trade war with America, it was at its weakest since 1990. But a closer look at the data gives reason for optimism. China’s economy is growing from a much larger base than before and domestic demand has more than plugged the gap from a falling trade surplus. Though there were some worrying signs, China’s economy remains buoyant.

Now that says nothing about the extent to which Beijing's accounting methods have been puffing up China's growth rates lo these many years, but The Economist has a good point. If you're going to accept the data at face value, then you have to accept that the weak growth rate is relative.

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