China’s economy is probably growing at an annual rate of 4 percent, said Marc Faber, editor and publisher of the Gloom, Boom & Doom Report, brushing aside a recent string of upbeat economic numbers from the world’s second biggest economy.
“I said to an economist I think China is growing at 4 percent per annum and he said do you mean minus 4 percent?,” Faber told CNBC on the sidelines of a hedge fund conference in Singapore on Wednesday.
“I don’t think [China’s economic growth] is minus 4 percent, but we do have to adjust a lot of economic statistics for the credit that has been pushed into the system that is not sustainable in the long-run,” he added.
China’s economy grew 7.7 percent last year and the country has a 2013 growth target of 7.5 percent.
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