IF GROWTH is so strong, why did the Chinese central bank feel the need to cut interest rates again? It is only reasonable to ask this after the People's Bank of China cut rates on October 23rd, the sixth time in a year, in the same week that the government said the economy grew 6.9% year-on-year in the third quarter, ahead of market expectations. The answer lies in the question: growth is not as strong as official data suggest, and the government knows that.
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