Chart of the day: Growth through consumption and services
Jefferies has compiled a series of non-traditional metrics "that we believe better tracks China's new consumption and services driven growth model". They reflect growing consumption trends of the middle class. Jefferies conceded the list "can be just as skewed measure of China's economy as industrial output data. Nonetheless, we believe these metrics, which focus on consumption and services, can illuminate blind spots missed by traditional data". Many of the metrics are, according to Jefferies, "flashing the kind of astounding growth rates we are used to seeing from China". The question going forward would be to see if the growth rates seen in these charts are sustainable.