China: Forget About Rebalancing

People work at an offshore oil engineering platform in Qingdao, China, July 1, 2016.  According to the independent China Beige Book survey, the economy has stabilized, but this improvement comes at a price.
(STR/AFP/Getty Images)
People work at an offshore oil engineering platform in Qingdao, China, July 1, 2016. According to the independent China Beige Book survey, the economy has stabilized, but this improvement comes at a price. (STR/AFP/Getty Images)

Nobody believes the official Chinese economic data, but people still have to use it in their analysis because there aren’t many good alternatives.  The official data...

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