economy - Slow-down efforts fail again: Bloomberg

Effort by the central government to slow down China's economic growth seem to have failed again, writes Bloomberg today. Gross domestic product has jumped again 10.4 percent over the second quarter, compared to a year ago, according to a survey among economists.
Figures will be released later tomorrow.

Measures taken so far ``are like taking a spoonful of water from an overflowing swimming pool,'' said Tao Dong, chief Asia economist at Credit Suisse Group in Hong Kong. ``China's currency needs to appreciate substantially."
A soaring trade surplus has flooded the economy with cash, providing companies with cheap funding for investment projects. Surplus capacity may cause prices and corporate profits to drop, increasing bad loans at banks and potentially causing a sharp slowdown in the world's fastest-growing major economy, the World Bank says.

Update: Well, it was 11,3 percent for the second quarter, a new record growth in a decade, says Bloomberg today.