I do not believe that 0.9 percent is sustainable, especially given the price liberalization in areas such as gasoline and utilities.

The austerity program ... slowed bank loans and undermined the cash flows of weak developers. However, it did not do much to halt domestic hot money, which appears to be returning in full swing.

The month-on-month numbers are just totally useless unless the seasonal factor has been applied.

The biggest beneficiary of all this is the United States. Look, a Barbie doll costs $20 but China only gets about 35 cents of that.

This highlights a re-accelerating economy led by consumption and investment.

These are unprecedented surplus volumes, reflecting the structural changes of China becoming the factory of the world.