Sunday, July 26, 2009

Marc Faber Says China's Growing at 2-3%, Not 8%

Guru Marc Faber scoffs at China's latest reported GDP numbers - remarking that the Chinese government knows their GDP numbers three years in advance!

He estimates that when all sectors in China are averaged out, the country is likely growing at 2-3% per year - a far cry from the 8% that is being reported.

Furthermore, he comments that China has an overinvestment bubble, which is not fixed by adding more stimulus.

I'd be a bit careful about China, he says.

I love the Morgan Stanley analyst who comes on after Faber and says he is turning wildly bullish on China based on more aggressive earnings growth estimates...I wanna smoke the green shoots he's having!

Here's Faber's full interview on CNBC:

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