There is some mystery about the Chinese economy right now. Despite a chorus of warnings about China’s economic woes - from the downturn in the real estate sector to subdued household consumption and local government debt - why is its growth rate defying expectations? Last year, the world’s second-largest economy expanded by 5.2 per cent, higher than the Chinese government’s annual target of around 5 per cent. It surprised expectations again in the first quarter of the year, with a 5.3 per cent growth rate against analysts’ forecast of 4.6 per cent in a Reuters poll. Consumption and investment drove real gross ... (full story)