The Rising Influence of Rising Affluence

[DewDiligence]

More color on the uptake in China’s economy:

http://www.nytimes.com/2012/11/10/business/global/heavy-lending-creates-a-surge-in-chinese-economy.html

The latest data, including industrial production, retail sales, fixed-asset investment and electricity generation, were stronger than most economists had anticipated. They presented a consistent picture of an economy that is starting to show real growth again after a very weak spring and summer.

“It has become increasingly clear that the Chinese economy is now moving in a better direction,” Zhou Xiaochuan, the governor of the People’s Bank of China, the central bank, said at a news conference Thursday, before the October figures were publicly released. Bank economists increasingly agree.