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Don't get distracted by China figures

Here's the best way to approach China's gross domestic product figures: ignore them. Things in the world's second-biggest economy are much worse than they appear. Even if we take the 7.5 percent April-June growth rate at face value, its components suggest a more ominous scenario. Industrial production, for example, rose just 8.9 percent in June compared with May's 9.2 percent gain.

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