GDP expenditure data came out for China today and it shows modest revisions upward for consumption during the last several years. This is positive news and shows that the National Bureau of Statistics is committed to improving its measurement of services, particularly housing services.
The table below shows the revisions:
|GDP Revision||Consumption Revision||Investment Revision|
Unfortunately, the new data also reveals that the overall consumption/investment imbalance is still moving in the wrong direction.
The graph above should be a splash of cold water for those who believe that economic rebalancing got underway last year.