if that's the case then China is in good company. But a GDP growth figure like that is political dynamite and a say 5% unemployment figure in China equates to a lot of people sitting round thinking angry thoughts; a number greater than our population.
Annoyingly those who see a rosy picture for the Chinese economy are making their assumptions on guesses. I don't believe that is scientific as wishful. Again the money flowing out under the table reduces the capital account whether the Chinese government likes it or not and since we have no real idea the value of the outflow it's probably massive.
And as far as trading the Chinese economy you either use official cooked numbers or have an uneducated guess: both of which will be wrong.