There has been much drama and even more propaganda heading into today's China Q2 GDP number (expected to print at 7.5%, down from 7.7% previously). As even the stunned FT explains, a week ago Xinhua reported that China's minister Lou Jiwei said at a news conference that China was aiming for 7% growth this year. "This figure was half a percentage point below the government’s official target, a seemingly small difference but one that opened a chasm in terms of policy. The lower target was taken to imply that Beijing was unperturbed by the current economic slowdown, and that pleas for stimulus from companies and local ... (full story)