China a nation that failed to fail. China's GDP expanded 5.3 percent year on year in the first quarter (Q1), with domestic consumption contributing 73.7 percent to economic growth.
GDP is a horrible measure of value creation, especially in a state run economy focused on that number rather than real value. I live in China and jobs are hard to find right now - not just where I live but in most places. Wages are flat or actually down. How can this be possible in an economy growing 5%? Because if you dig a hole and fill it with cement - that is also GDP, but it gives very little value.
