The Chinese came out today with their 6.8% estimate of Q4 2008 growth. China
publishes its quarterly GDP figure on a year over year basis, differently
from the U.S. and most other countries that publish their GDP growth figure
on a quarter on quarter annualized seasonally adjusted (SAAR) basis.
When growth is slowing down sharply the Chinese way to measure GDP is highly
misleading as quarter on quarter growth may be negative while the year over
year figure is positive and high because of the mom
