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00:006.2%. DO YOU BELIEVE IT? > > WE DO NOT BELIEVE THIS. I THINK THE KEY IS CHINA ' S GDP DATA IS NEVER ACCURATE. THERE ARE A LOT OF REASONS. IT IS NOT ALWAYS POLITICAL MANIPULATION. A LOT OF IT IS LAG. SOMETIMES IT TAKES A LONG TIME TO COLLECT THE DATA. WHEN THE CHINESE SEE A PROBLEM IN THE ECONOMY, THEY DO NOT WANT TO SHOW THE GROWTH INDICATORS HAVE FALLEN OFF A CLIFF SO THEY SPREAD THE WEAKNESS UNTIL LATER. A LOT BEING REPORTED HIS WEAKNESS WE SAW A EARLIER IN THE YEAR. WE ARE SEEING MUCH BETTER METRICS IN OUR OWN DATA. TAYLOR: HOW MUCH BETTER DO THINGS APPEAR? WHAT GAUGES DO YOU LOOK AT? THIS MORNING, POSITIVE SIGNS OF RETAIL SALES AND FACTORY OUTPUT. WHAT OTHER INDICATORS CAN YOU LOOK TO TO GIVE YOU A BETTER INDICATOR OF WHAT IS GOING ON? > > IT COLLECTS FROM OVER 3300 FIRMS. WITHIN THAT, WE TRACK MANUFACTURING, SERVICES, AND RETAIL. MANUFACTURING AND RETAIL ARE OUTPERFORMING. PROPERTY IS FINE. MAJOR SECTORS ARE DOING BETTER THAN REPORTED. THE NEW REPORTS ARE REFLECTING WHAT IS HAPPENING BETTER THAN THE ONES A FEW WEEKS AGO. LOOK AT CREDIT. WHEN YOU LOOK AT OFFICIAL CREDIT INDICATORS, IT TAKES A LONG TIME FOR CERTAIN ELEMENTS TO FILTER INTO GOVERNMENT DATA. WE SHOW AN EXTREMELY ACTIVE CREDIT ENVIRONMENT FOR ALL OF 2019. THERE ' S A LOT MORE CREDIT GOING OUT. IT SHOULD NOT SURPRISE PEOPLE THERE IS MORE GROWTH THAT WILL COME FROM IT BECAUSE THE CHINESE ARE MORE AGGRESSIVE THAN PEOPLE THINK. ROMAINE: WHAT DO YOU MAKE OF THE

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China Beige Book CEO Says China's GDP Data Is Never Accurate

Leland Miller, China Beige Book chief executive officer, discusses China’s GDP data on "Bloomberg Markets: What'd You Miss?" (Source: Bloomberg)

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