Huge chunks of the Chinese economy are actually in decline
There are two stories about China right now. The first one, coming from the Chinese government, is that China's economic growth is entering a "new normal" period in which growth will moderate to about 7% a year - relatively sedate for the Chinese.
The second school of thought argues that China's economic numbers are fudged at best and outright lies at worst, and that real GDP is maybe only 4% per year.
That's still pretty good growth for an economy the size of China's.But, according to a fantastic research note from Macquarie today, huge chunks of the Chinese economy have actually stopped growing or are trending toward decline. Here's a look.